MOL buys stake in world’s largest methanol tanker fleet

Japan’s largest shipping company by fleet size, MOL, is set to buy a 40% stake in Waterfront Shipping, the tanker subsidiary of methanol producer Methanex.

Methanex, WFS and MOL jointly built the world’s first ocean-going dual-fuel vessel capable of running on methanol.

MOL is paying $145 for the shares and says the strategic partnership will strengthen a relationship built up over the last 30 years.

“With Methanex as the world-leading methanol producer, WFS as the world’s leading methanol shipper, and MOL’s vast shipping experience, the parties intend to advance the commercialization of methanol, including renewable methanol, as a viable marine fuel,” the parties stated in a release.

Takeshi Hashimoto, president of MOL, said, “This transaction is consistent with MOL’s Environmental Vision 2.1, which regards our active involvement in methanol-fuelled ships as one of the measures for adopting clean alternative fuels.”