IMO -SG Kitak-Lim

New interim guidelines adopted by the International Maritime Organisation IMO for the use of methanol as a marine fuel will release pent-up demand from shipowners, according to the Methanol Institute MI.

The IMO’s Maritime Safety Committee has adopted interim guidelines on the use of ethyl and methyl alcohols as options for marine fuel.

“Our work with shipowners, class societies, flag administrations and bunkering providers demonstrates there is pent-up demand for a low carbon fuel that can help owners meet their 2030 emission reduction targets at a fraction of the cost of an LNG powered vessel,” said MI coo Chris Chatterton.

“With new methanol guidelines the industry truly has a choice that can help start to reduce emissions with the regulatory certainty it needs.”

The Institute is working with shipyards on standard designs for methanol powered vessels. At present there are 12 methanol powered chemical tankers in operation and 10 more on order.