Hafnia announces investment in methanol joint venture

The tanker operator has invested $10 million in a pre-FID methanol joint venture that will also build vessels to transport the chemical.

In a statement accompanying the release of its Q2 2020 results, Hafnia said that, via a joint venture partner, it has invested $10 million for 3.33% of a pre-FID methanol project which will focus on converting regionally sourced natural gas to methanol with a 3.6 million tonnes per year production capacity.

The joint venture will transport one-third of the methanol produced on 19-year contracts.

As well as investing in the methanol plant, the joint venture will build vessels to transport its share of the methanol.

As part of its sustainability strategy, Hafnia has ‘tiered targets’ in place to help reduce CO2 emissions and fuel consumption by optimising engines and fuel supply systems and improving hydrodynamic performce.

The company is also involved in the Green Ship for the Future initiative and the industry group Shiplab, which focuses on the development of alternative ship fuels that reduce CO2 emissions.

Lesley Bankes-Hughes

Lesley Bankes-Hughes