ABS, MI Host Summit to Explore Methanol’s Role in Shipping

ABS, MI Host Summit to Explore Methanol’s Role in Shipping

The American Bureau of Shipping (ABS) and the Methanol Institute (MI) held a methanol summit and reception in London on Tuesday, Nov. 22, to explore methanol’s immediate potential and future prospects in the maritime industry.

The London Methanol Summit brought together shipowners, regulators, ports and methanol producers for a panel discussion with panelists from Maersk, MAN Energy Solutions, Waterfront Shipping, SafeBulkers and the Port of Rotterdam.

The panelists discussed opportunities and challenges for methanol adoption as well as remarks on the up and coming technologies made to support the increasing methanol infrastructure.

Further discussions led to focus on the maritime value chain with representatives from MSC, Maersk, Proman and the European Commission’s representative to the International Maritime Organization opened up about the viability, advantages, and roadblocks in the methanol pathway as well as the normative framework and project financing.

In addition to this, ABS Senior Vice President for Global Business Development Vassilios Kroustallis assured that the ABS is “committed” to supporting the “safe adoption of methanol” by the maritime industry;

“ABS is committed to supporting the safe adoption of methanol by the industry and today’s event is an aspect of that. In this forum, we brought together a unique blend of the people, the companies and the regulators that can help us understand where we are, where we need to go and what must happen in order for long-term change to happen.”

“The summit shined a light on one of the most dynamic and important areas of the energy transition – methanol as marine fuel. Methanol is increasingly being recognized as a compelling alternative pathway for owners and operators. With practical benefits related to ease of storage and handling, tank-to-wake carbon intensity reduction, as well as a pathway to carbon neutrality through green methanol, methanol presents an immediate and promising solution,” Kroustallis added.

Also, MI CEO Greg Dolan noted that the summit is a “concrete demonstration” of the role methanol is currently playing in the industry.

“This ABS-MI summit is a concrete demonstration of the role that methanol is playing today in the shipping industry’s transition to lower carbon and ultimately net carbon neutral operations. The participation of the industry’s leading players across asset ownership, vessel operations, technology, policy and forecasting and methanol supply, gives us a complete insight into the current landscape and what needs to happen to further accelerate the adoption of this clean, sustainable fuel in shipping,” Dolan said.

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