Waterfront Shipping Enters Into Time-Charter Agreement With Trafigura for Methanol Dual-Fuel Vessel Co-owned by Clean Sea

Industry leaders join forces to support the marine shipping industry's path to decarbonization

VANCOUVER, British Columbia, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Waterfront Shipping, a subsidiary of Methanex, the world’s largest producer and supplier of methanol, announced today it has entered into a time-charter agreement with Trafigura, one of the world’s largest physical commodity trading groups. Under the agreement, Trafigura will operate the co-owned Waterfront Shipping and Clean Sea medium-range product tanker, Mari Innovator, as part of its global network of vessels used in clean products trading routes. This agreement supports the parties’ efforts to help transition the marine shipping industry toward decarbonization and is another example of Waterfront Shipping’s leadership in supporting the growing demand for methanol as a marine fuel.

“We’re pleased to partner with Trafigura to share our global experience and knowledge with operating and bunkering vessels using methanol fuel technology,” said Paul Hexter, President of Waterfront Shipping. “Trafigura plays a vital leadership role in the energy transition and for it to recognize that methanol marine fuel offers a clear pathway towards a low carbon shipping industry will help build the platform to drive change.”

Waterfront Shipping is pioneering the use of methanol as a marine fuel and as the world’s largest operator of methanol dual-fuel vessels, has accumulated over 123,000 operating hours, demonstrating the simplicity and safe use of methanol as a cleaner burning marine fuel. Today, Waterfront Shipping has 18 methanol dual-fuel vessels, with one additional vessel arriving by the spring of 2023, representing approximately 60 per cent of its 30-vessel fleet.

Trafigura’s shipping and chartering operations are managed out of key regional hubs in Athens, Geneva, Houston, Lima, Montevideo and Singapore, providing 24/7 coverage of freight and physical commodity markets.

“We’re advocating for industry-wide action on shipping emissions and investing in new technologies and vessels to help achieve a more sustainable shipping industry,” said Andrea Olivi, Head of Wet Freight for Trafigura. We’re excited about the cooperation with Waterfront Shipping and Clean Sea as we explore and learn also how methanol technology can integrate with our fleet to achieve our carbon intensity reduction goal of 25 per cent by 2030 across our entire chartering operation.”