Maersk signs green methanol deal with China's Goldwind

Goldwind Science & Technology Co

22/11/2023 06:00

By Johannes Birkebaek
       COPENHAGEN, Nov 22 (Reuters) - Maersk  MAERSKb.CO  said
on Wednesday it had entered into the shipping industry's first
large-scale agreement to buy 500,000 tonnes of green methanol a
year, enough to fuel 12 large ocean-going container ships, from
China's Goldwind  002202.SZ .
    Shipping industry leader Maersk is investing in green fuels
to power its fleet as it strives to reach net-zero emissions by
2040, while the shipping industry, responsible for 3% of global
greenhouse gas emissions, aims for net-zero emissions by 2050. 
    "This deal is a milestone for Maersk as it enables us to
significantly reduce our emissions footprint in this decade,"
said Rabab Raafat Boulos, Maersk's chief infrastructure officer.
    The production of green methanol is expected to begin in
2026 and will annually power half of the 24 methanol-enabled
vessels that Maersk currently has on order. 
    In July, the Danish shipping group took delivery of the
world's first methanol vessel named Maersk Laura. However, the
company is still awaiting the arrival of its first large
ocean-going vessel in the first quarter of 2024.
    Green methanol is a fuel produced either from biomass or
captured carbon and hydrogen from renewable power sources, and
can reduce emissions from container vessels by 60% to 95%
compared to conventional fossil fuels.
    The volumes of fuel from Goldwind combine a mix of green
bio-methanol and e-methanol, all produced by utilising wind
energy at a new production facility located in Hinggan League,
northeast China.  
    In September, Danish industrial group A.P. Moller Holding
(APMH), majority-owner of Maersk, formed a new company called
C2X to pursue large-scale green methanol operations.
    The company, a month later, signed a framework agreement
worth up to $3 billion for the production of green fuel in the
Suez Canal economic zone.   
   

 (Reporting by Johannes Birkebaek; editing by David Evans)
 ((Johannes.Birkebaek@thomsonreuters.com;))