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Pacific Basin's Bold Vision: 100+ Methanol-Fueled Ships, Starting with 4 New Orders
Posttime：2024-12-03 09:03:00
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Pacific Basin is taking a significant step towards transforming its fleet with the announcement of 4 new low-emission vessels (LEVs) powered by green methanol. But this is just the beginning. As part of a long-term strategy to modernize its fleet, the company has set its sights on building over 100 methanol-powered vessels in the coming years to meet its ambitious sustainability goals.
Green Methanol: A Key to Decarbonizing Shipping
Pacific Basin is betting on green methanol as the fuel of the future, given its ability to offer near-zero emissions when produced from sustainable materials and renewable energy sources. With this move, the company is aligning itself with global decarbonization goals and its own target of net-zero emissions by 2050.
4 New Dual-Fuel Ultramax Vessels to Lead the Transition
The first step in this transformation: Pacific Basin has placed an order with Nihon Shipyard, Imabari Shipbuilding, and Mitsui & Co. for 4 new dual-fuel Ultramax vessels, each with a 64,000 DWT capacity. These vessels, slated for delivery between 2028 and 2029, will be equipped with state-of-the-art engines designed for optimal fuel efficiency and reduced emissions. They will run on a combination of green methanol, biofuels, and traditional fuels, giving Pacific Basin the flexibility to operate in a future where sustainable fuel options dominate.
A 100+ Vessel Fleet: The Road Ahead
This new order marks the beginning of Pacific Basin’s larger plan to build over 100 methanol-powered vessels to replace its existing fleet of Handysize and Supramax ships. With more than 280 vessels currently in operation, this ambitious plan underscores the company’s commitment to leading the maritime industry’s green transition while ensuring compliance with tightening environmental regulations.
Why Green Methanol?
CEO Martin Fruergaard explained that green methanol is the most viable solution for the company's trade routes and fleet composition. While ammonia could play a role in the future, it is not yet cost-competitive for the company’s current operations. For Pacific Basin, methanol offers the best balance of sustainability, fuel availability, and operational practicality in the near term.