‘Methanol has emerged as a fuel with a future in shipping and we are delighted to add it to the marketplace and expand the range of cleaner products we can offer to buyers,’ says Powerzeek founder and CEO, Dag Lilletvedt.
Launched in April 2020 as an independent online marketplace for clean bunker fuels, Powerzeek is now open for methanol transactions, alongside LNG and liquefied biogas. The listing of methanol has the support of the Methanol Institute and endorsement from major methanol producers on its Marine Fuels Committee.
In November 2020, IMO’s Maritime Safety Committee adopted interim guidelines on the use of methanol as a marine fuel, enshrining ethyl and methyl alcohols as options for marine fuel; a milestone the MI believes will be catalyst for more ship operators to consider methanol as a low carbon compliance option.
‘Methanol’s inclusion on the Powerzeek platform recognises the strong indication of building demand for methanol as a compliant bunker fuel with significant net carbon neutral credentials and regulatory acceptance,’ said Chris Chatterton, Chief Operating Officer at The Methanol Institute.
‘Methanol is seen as a credible and cost-effective way to not only meet, but exceed IMO GHG reduction thresholds, now and in the future.’
Powerzeek also highlighted that methanol has ‘a pathway to full sustainability in renewable form’. It can be produced from multiple sources, including surplus electricity, municipal solid waste and direct air capture of carbon.
The first bunkering Technical Reference for Methanol was published in 2020 by Lloyd’s Register. To date, 12 methanol-powered ships constructed to equivalent class and flag rules are in operation and another 10 are on order.
Powerzeek is headquartered in Bergen, Norway, and since its launch last year the company has opened branch offices in Singapore, Greece, Hungary, India and the United States.