Methanex, the world’s largest producer and supplier of methanol. in partnership with its subsidiary Waterfront Shipping, has completed the Caribbean’s first ship-to-ship methanol bunkering demonstration at the Port of Point Lisas, Trinidad and Tobago. This groundbreaking event underscores methanol’s promise as a cleaner, low-carbon fuel and sets a new benchmark for maritime refueling operations in the region.
The successful demonstration was made possible through the collaborative efforts of several key industry players, including the National Energy Corporation of Trinidad and Tobago, Paria Fuel Trading Company, NYK, Green Marine, Bunker Holding, Uni-Tankers, and Dan Bunkering. This milestone not only highlights methanol’s safety and ease of handling but also reinforces its role as a viable solution for achieving a low-carbon maritime future.
Paul Hexter, President of Waterfront Shipping, commented “This demonstration in Trinidad and Tobago is a crucial step in supporting the shipping industry’s shift towards lower-emission fuels. It reflects our dedication to advancing cleaner energy solutions and fostering a global move towards more sustainable practices.”
Vernon Paltoo, President of the National Energy Corporation of Trinidad and Tobago added “By executing the first methanol ship-to-ship bunkering demonstration in the region, we have shown that our world-class maritime infrastructure is well-equipped to support the energy transition. This achievement positions Trinidad and Tobago as a significant player in the decarbonization of the maritime sector and establishes Point Lisas as a key location for future methanol refueling operations.”
With methanol now available at over 125 of the world’s largest ports, it presents a practical option for the shipping industry to meet stringent air emissions regulations. Its use as a marine fuel is increasingly recognized for its potential to reduce emissions compared to traditional fuels such as diesel and coal, marking a pivotal step towards a more sustainable maritime industry.
Methanex Corporation in Brief
Methanex, headquartered in Vancouver, Canada, is the world’s largest producer and supplier of methanol to major international markets. As a publicly traded company, Methanex is at the forefront of the global methanol industry, delivering essential products that contribute to a sustainable future.
Methanex operates production facilities across Canada, Chile, Egypt, New Zealand, Trinidad and Tobago, and the United States. The company maintains a global presence with sales offices in Asia Pacific, Europe, North America, South America, and the Middle East. With approximately 1,450 employees worldwide, Methanex generated around US$3.7 billion in revenue and a sales volume of 11 million tonnes in 2023, reinforcing its position as an industry leader. Publicly traded, Methanex is listed on the Toronto Stock Exchange under the symbol “MX” and the NASDAQ Global Market under “MEOH.” Founded in 1968 in Canada as Ocelet Industries, Methanex established its first methanol plant in Kitimat, British Columbia, in 1982 and rebranded as Methanex Corporation in 1992.
Global Supply Chain
Methanex operates the largest methanol ocean tanker fleet globally through its subsidiary, Waterfront Shipping, which manages an extensive network of terminals and storage facilities. Since 2016, Waterfront Shipping has been running methanol-fueled ships, amassing over 200,000 operating hours on methanol. As of January 2024, about 60% of its fleet comprising 19 vessels are equipped as methanol dual-fuel vessels.
Waterfront Shipping
Methanex’s majority-owned subsidiary, plays a crucial role in the company’s integrated global supply chain, transporting approximately 85% of Methanex’s produced methanol to customers worldwide. Waterfront Shipping is also a pioneer in using methanol as an alternative marine fuel, demonstrating its commitment to innovation and sustainability in the maritime sector.
Sustainability: Health, Safety, Environment, and Social Responsibility
Methanex is dedicated to advancing solutions that facilitate the transition to a low-carbon economy, leveraging its production assets and collaborating with governments and industries to meet growing demand in a sustainable manner. The company adheres to the Responsible Care® Ethic and Principles for Sustainability, a United Nations-recognized initiative that informs its environmental and social governance. In 2023, Methanex invested USD $2 million and contributed over 6,700 hours of employee time to community initiatives worldwide, underscoring its commitment to fostering healthy communities. Additionally, Methanex actively supports decarbonization efforts through innovative practices and strategic partnerships.
Methanex continues to lead the industry with its commitment to innovation, sustainability, and excellence, driving forward solutions that shape a cleaner and more sustainable future.
Source Methanax Corporation