One of the world’s largest producers of methanol, Proman has joined hands with shipping company Stena to develop retrofitting and supply solutions for the existing vessels to help them adapt to methanol as their fuel source. Citing data the companies said that currently there are 70,000 vessels around the world and by 2050 the unchecked emissions from these vessels could increase by as much as 130% from 2008 levels. To secure the future of the industry it will be necessary to switch to low-carbon fuels however the current technologies and added expenses make this energy transition a challenge for ship-owners.
It has been noted that often the cost of conversion outweighs the benefits. In a recent example, Hapag-Lloyd had converted its containership BRUSSELS EXPRESS, making it LNG-ready, however the CEO of the company later said that the cost of conversion offshoot the budget, which has made the future conversions uneconomical.
SOURCE READ THE FULL ARTICLE