(Commonwealth) _ HFW, the law firm overseeing the launch of the fund, has revealed that the newly established LEMSCO now holds an initial portfolio featuring four MR tankers owned by Proman and Stena Bulk. These vessels, named Stena Pro Marine, Stena Pro Patria, Stena Promise, and Stena Prosper, are 50,000dwt dual-fuel product tankers constructed at CSSC Offshore and Marine Engineering and delivered in the previous year. Utilizing fuel from Proman, derived entirely from natural gas with methane as its primary component, these ships are part of a pioneering move towards lower emissions in the maritime sector. HFW has revealed that the deal includes a specialized supply contract with Proman, a global leader in methanol production. This agreement not only guarantees cost-effective fleet operations but also underscores the use of a technology-proven, widely accessible, low-emission alternative fuel. Gudmund Bernitz, Partner and Shipping Sustainability Ambassador at HFW, expressed pride in the role played by the firm in facilitating this pioneering transaction. The deal represents a substantial stride towards decarbonizing the shipping industry, reflecting over two years of collaborative efforts aimed at embracing sustainable practices and alternative fuels in maritime operations.
The methanol derived from natural gas through steam methane reforming (SMR) is classified as grey methanol if carbon monoxide is released into the atmosphere. However, this categorization shifts to blue methanol when the waste product is captured and permanently stored. Proman, while openly acknowledging on its website that its methanol is sourced from fossil fuel, specifically natural gas, lacks detailed information regarding the capture and storage of waste carbon monoxide from the production process. The absence of such specifics raises questions about the comprehensive sustainability practices of Proman and its commitment to mitigating environmental impact in the production of methanol. Proman’s website highlights the expansion of ‘green’ methanol production sourced from sustainable outlets such as waste, biomass, or renewable energy. The company asserts that utilizing this eco-friendly methanol as a marine fuel results in a remarkable reduction of over 90% in CO2 emissions. Despite this positive claim, there is a notable absence of specific details regarding carbon capture and storage in Proman’s existing operations. This transparency gap raises questions about the comprehensive sustainability practices of the company, especially concerning the handling of by-products like carbon monoxide, an aspect crucial for a complete evaluation of its environmental impact and commitment to reducing emissions in the methanol production process.
While new green methanol projects, like the collaboration between US-based Carbon Sink and the Jones Act-compliant Rose Cay Maritime, are in progress, persistent questions surround the environmental impact and sustainability claims within the methanol production industry. The ongoing development of such initiatives highlights a growing awareness and effort within the industry to address environmental concerns. However, uncertainties remain, necessitating continued scrutiny to ensure that claims of sustainability are substantiated and that the methanol production sector effectively mitigates its environmental footprint. In July, a Memorandum of Understanding was signed between Carbon Sink and Rose Cay Maritime to enhance methanol availability in US ports. Concurrently, European legislation like the Corporate Sustainability Reporting Directive (CSRD), which took effect on January 5 this year, aims to establish a classification system for sustainable economic activities. This initiative seeks to scale up sustainable investments and combat greenwashing in financial products that falsely claim to be sustainable. Irene Loucaides, a Social Impact Strategist and founder of Nicosia-based consultancy Grow, anticipates that the CSRD will lead to increased scrutiny, making environmental claims without substantiation unacceptable.
