A coalition of major shipping players develops a Joint Industry Project to enable product tanker charterers and shipowners to utilise Methanol as fuel regardless of the cargo carried.
Specifically, Hyundai Mipo Dockyard, MAN Energy Solutions, and the Methanol Institute joined forces to develop a vessel that is in line with all prevailing safety requirements with minimal loss of cargo capacity and low additional build costs.
Therefore, DNV GL reviewed the designs for the vessels in accordance with the relevant rules and regulations and provided technical advice and recommendations to help enhance the design development.
The result of this collaboration is the Low Emission Advanced Products Tanker (LEAP) which has been granted Approval in Principle by classification society DNV GL.
The LEAP speeds up to 14.5 knots and effective range of 17,400 nautical miles using methanol as primary fuel and an effective range of 21,900 nautical miles using very low sulfur fuel oil (VLSFO). Cargo capacity is 54,000 cu m – a reduction of just 300 cu m compared to a diesel-only vessel.
Moreover, the design has additional newbuild costs of just 10% compared to additional capex of 22% for LNG-dual fuel, and using Methanol as fuel would have daily CO2 emissions of 54.7 tonnes per day at service speed, compared to 64.7tpd for diesel. The ship would have an approximate 6% improvement in its EEDI Phase 3 rating compared to a diesel-only vessel.
The Methanol Institute believes the next few years will be crucial ones for the adoption of fuels that could have a key role in decarbonizing shipping. Yet, they note that huge investment will be required to produce renewable fuels and owners may have to demonstrate that they have taken steps to address their environmental performance in order to access fresh capital in future.
Chris Chatterton, Chief Operating Officer, The Methanol Institute commented that
Governments, NGOs, policy-makers, academics and technical experts all agree that conventional Methanol provides a safe, clean and practical pathway to short term emissions reductions This vessel design demonstrates that newbuild or conversion can be straightforward and cost effective and extends the trading life of the asset as it can use renewable Methanol as more becomes available.
