Friday, October 18, 2019
Maritime Propulsion

October 5, 2019

Methanol-Fueled Chem Tanker Delivered to NYK

Built in South Korea at Hyundai Mipo, Nippon Yusen Kaisha (NYK Group) has taken delivery of Takaroa Sun. Photo: NYK

Nippon Yusen Kaisha (NYK Group) has taken delivery of Takaroa Sun, a methanol carrier equipped with two-stroke dual-fuel engine tech that allows the vessel to be powered by methanol. 

Built in South Korea at Hyundai MIPO Dockyard, the new ship was funded through NYK’s green financing initiative established to support environment-friendly projects.

Takaroa Sun was built with the MAN Energy Solutions second-generation B&W ME-LGIM two-stroke dual-fuel engine that runs on both methanol and conventional marine fuel. The vessel will be chartered to Waterfront Shipping Company Limited (WFS), a wholly-owned subsidiary of Methanex Corporation, the world’s largest producer and supplier of methanol, in a long-term time-charter agreement between WFS and NYK Bulkship (Asia) Pte. Ltd., an NYK Group company based in Singapore.

Built in South Korea at Hyundai Mipo, Nippon Yusen Kaisha (NYK Group) has taken delivery of Takaroa Sun. Photo: NYK

“We are delighted to establish this relationship with WFS, which has expertise in methanol shipping, and we welcome our first methanol-fueled vessel into our fleet. Making use of the NYK Group’s attentive, safety-focused vessel management featuring advanced, new technology, we plan to fully meet the expectations of WFS. We will continue to transport cargo for customers around the world by corresponding to individual demands and strengthening our knowledge of new technologies,” said Takeshi Kishi, managing director of NYK Bulkship (Asia) Pte. Ltd.

As a marine fuel, methanol is safe, biodegradable, and clean-burning, offering compliance with the International Maritime Organization’s (IMO) 2020 regulations by reducing sulfur oxides (SOx) by approximately 99 percent. With the ability to be produced from renewable sources, methanol can also provide a pathway to meeting future carbon emission reduction targets. The vessel also has a processor that reduces nitrogen oxides (NOx) so that they meet the IMO’s stringent Tier III regulation.

“We are very pleased with the performance of our existing methanol-fueled vessels that have proven the safety and reliability of the technology. With the delivery of Takaroa Sun, we are continuing to benefit from innovative technological advances that will optimize performance and efficiency,” says Paul Hexter, President, Waterfront Shipping Ltd. “On an energy-equivalent basis, methanol is cost-competitive over the cycle and we see significant value creation opportunities from using a methanol flex-fuel engine.”

The NYK Group will continue to secure business with stable freight rates through long-term contracts. The company is committed to realizing a sustainable society that will make use of technology that reduces negative impacts on the environment.

Hyundai Mipo DockyardInternational Maritime OrganizationMAN Energy Solutions