Shippers bet on green methanol to cut emissions, but supply lags

Frontrunner: Maersk’s first methanol-enabled container vessel is pictured departing South Korea. The container giant, along with others in the shipping industry, move consumer goods for companies including Apple, Nike, Adidas and Walmart. — Reuters

SINGAPORE: Container shippers are ordering vessels powered by methanol to reduce greenhouse gas emissions, but it will take years for renewable methanol output to meet demand and for costs to fall, industry executives say.

The first green methanol-fuelled container ship, owned by A.P. Moller-Maersk, sailed from South Korea in July. The number of such vessels is expected to exceed 200 by 2028, up from 30 this year, consultancy DNV forecasts.