Monday, 03/06/2024, 15:00 (GMT +7)
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COSCO converts 4 ships of 16,000 TEU to use dual methanol fuel
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COSCO Shipping Lines has just announced that it will convert 4 newly built ships with a capacity of 16,000 TEU to use dual methanol fuel, instead of traditional fuel.
The company said the move is in line with its plans to comply with the global target of decarbonization by 2050. As a result, the price of newly built ships will increase from $620 million to $734 million.
For reference, Clarksons data shows that the price of a 15,000 to 16,000 TEU dual methanol-fueled container ship has reached $191 million.
The vessels, which will be operated by COSCO Shipping and its subsidiary OOCL, were ordered along with six 14,000 TEU vessels at COSCO Shipping's affiliated shipyard, COSCO Shipping Heavy Industry (Yangzhou), in July 2021.
Due to the change in propulsion system, the capacity of each ship will be reduced from the original 16,180 TEU to 16,108 TEU. Delivery time for ships has also been extended from June 2025 to December 2025, extending to November 2025 to June 2026.
The switch to dual methanol fuel means COSCO Shipping now has 16 dual methanol-fueled container ships on order.
In October 2022, COSCO Shipping placed an order for 12 24,000 TEU methanol dual-powered container ships at Nantong COSCO KHU Ship Engineering and Dalian COSCO KHU Ship Engineering. These will be the largest dual methanol-fueled container ships when delivered between 2026 and 2028.
In addition, COSCO Shipping is converting two 13,800 TEU ships and two 20,000 TEU ships to use methanol dual fuel. The company says the switch will reduce greenhouse gas emissions by about 360,000 tons per year.
Alphaliner data shows that COSCO Shipping's current fleet includes 190 owned vessels and 310 chartered vessels. With a total capacity of 3.19 million TEUs, COSCO Shipping is the fourth largest operator in the world. The company has 38 newbuild vessels, totaling 685,000 TEU, on order, representing approximately 21.4% of its existing fleet.
Source: Phaata.com (via ContainerNews)
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