The instrumentality vessel Gunde Maersk docked astatine the Port of Oakland connected June 24, 2024, successful Oakland, California.
Justin Sullivan | Getty Images
SINGAPORE — Denmark-based shipping and logistics elephantine Maersk unveiled its latest dual-fuel methanol vas successful the Southeast Asian state connected Thursday arsenic the manufacture ramps up decarbonization efforts.
The recently named A.P. Møller is simply a 350-meter-long vessel that adds to a increasing fleet of Maersk vessels that are capable to tally connected methanol arsenic good arsenic accepted marine fuels.
Speaking to CNBC's "Squawk Box Asia," Maersk's Asia-Pacific president, Ditlev Blicher, said the vessels correspond the latest exertion that is acceptable to decarbonize shipping.
"[This technology] allows the manufacture to displacement from achromatic fuels oregon fossil fuels into what we telephone E-methanol, oregon greenish methanol, importantly reducing the c outlets of mean shipping," helium said.
Maersk broadly defines greenish fuels arsenic fuels with a minimum 65% simplification successful greenhouse state emissions connected a lifecycle ground compared with fossil notation fuels.
Although mostly produced from fossil fuels, methanol tin besides beryllium made from sustainable, renewable-based vigor sources, according to the International Renewable Energy Agency.
Maersk says ships moving connected greenish methanol tin prevention up to astir 280 tons of CO2 per day, making it a cardinal measurement successful the company's extremity to scope net-zero emissions by 2040.
Green methanol besides has a little sulfur content, reducing emissions of sulfur oxides, which lend to aerial contamination and acerb rain, according to the World Economic Forum.
Blicher said the A.P. Møller is Maersk's ninth dual-fuel vas retired of an bid of 25 planned to beryllium completed by 2027.
According to the company, replacing conscionable 12 of its "normal" vessels with ones moving connected greenish methanol could prevention 1.5 cardinal metric tons of CO2 — astir treble the CO2 emissions that the Municipality of Copenhagen produced successful 2022.
The aboriginal of shipping?
As the largest maritime shipper successful the world, Maersk is simply a important trendsetter for planetary trade, with galore different companies pursuing suit connected methanol adoption.
According to Blicher, astir 170 dual-fuel methanol vessels are connected bid from the full industry, which is helping to physique scale.
"Maersk, the manufacture and our lawsuit basal are pushing guardant and investing successful this technology," Blicher said, noting that clients are progressively trying to conscionable their ain decarbonization goals.
Still, portion gathering economies of standard is vital, helium believes much volition beryllium needed successful bid to displacement the manufacture distant from achromatic fuels, with methanol presenting higher accumulation costs.
Blicher expects this tipping of the scales to travel from regulations that disincentivize achromatic fuels.
"We're talking astir adding to the terms of achromatic substance to marque definite that the achromatic substance terms is reflective of the interaction that it has connected the economy," helium said.
Singapore, the world's largest bunkering port, has led various initiatives to beforehand sustainable shipping.
In October, Maersk raised its full-year forecasts aft reporting beardown third-quarter results, dense request and higher prices resulting from disruptions successful the Red Sea. Revenue was $15.8 billion, up from $12.1 cardinal a twelvemonth prior.
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