Platts to publish methanol bunker prices in Europe
Methanol bunkers: the future choice of fuel. File image / Pixabay.
Bunker fuel and commodity price reporting agency SP Global Platts is due to release daily estimates of alternative bunker fuel prices starting early next week.
While the use of methanol as a bunker fuel in the shipping industry is low, the move, announced last month, is in line with growing interest in the fuel, the agency said in a recent article.
A dozen ocean-going vessels use methanol bunkers and at least the same number are expected to enter service within the next year and a half, according to the article.
Japanese shipping company NYK Line is to adopt methanol among other alternative bunker fuels in an agreement signed with BP last week.
However, fuel lags behind liquefied natural gas. According to a forecast by Platts, ships fueled with methanol would be under 1% of the world fleet in 2030. In the same year, bi-fuel LNG vessels would be 440 versus 79 ships fueled with methanol, according to plan.
The initiative will start with the publication of European prices but this could extend to Asia and the Americas.