— World’s First Ocean-Going Vessels Capable of Running on Methanol —

On August 11, Waterfront Shipping Company Ltd. (WFS) and Marinvest/Skagerack Invest (Marinvest) were proud to attend the traditional ship-naming ceremony in Korea and take delivery of the methanol-fueled ocean tanker, Mari Boyle.

 This is the fifth of seven vessels built with the first-of-its kind MAN B&W ME-LGI 2-stroke dual-fuel engines that can run on methanol, fuel oil, marine diesel oil, or gas oil.  The engine was developed by MAN Diesel & Turbo and is based on the company’s proven ME-series, with its approximately 5,000 engines in service.

 Hyundai Mipo Dockyard hosted the Korean ship naming ceremony, where this 50,000 dead weight tonne vessel was built.  

 Mari Boyle was named in honour of Irish chemist and physicist, Robert Boyle (1627-1691) who is regarded as the first modern chemist to isolate pure methanol in 1661.  The vessel’s name also incorporates the long-standing naming traditions of the ship owner, emphasizing the close cooperation and joint efforts making this innovative vessel design a reality.

 “It is an honor to be in Korea again with our partners to welcome groundbreaking marine technology to the sea,” stated Jone Hognestad, President, Waterfront Shipping.  “With only two more vessels to be delivered this year, we are proud to welcome the world’s first ocean-going vessels capable of running on methanol.”

 With the growing demand for cleaner marine fuel to meet environmental regulations, methanol is a promising alternative fuel for ships that can meet the industry’s increasingly stringent emissions regulations. Methanol is a biodegradable, clean-burning marine fuel that significantly reduces smog-causing emissions such as particulates, sulphur oxides and nitrogen oxides.

 “It’s great to be part of this ship naming ceremony in Korea and celebrate clean technology for the shipping industry that provides solutions for the world’s energy needs,” states Patrik Mossberg, Chairman, Marinvest.

 Waterfront Shipping will charter all seven vessels to replace older vessels and expand its fleet. Mari Boyle is jointly owned by Marinvest and WFS. 

 About Waterfront Shipping

Waterfront Shipping, a wholly owned subsidiary of Methanex Corporation, is a global marine transportation company specializing in the safe, responsible and reliable transport of bulk chemicals and clean petroleum products to major international markets in North America, Asia Pacific, Europe and Latin America.  Waterfront Shipping operates the world’s largest methanol ocean tanker fleet with its fleet comprising vessels from 3,000 to 50,000 dwt. Its fleet of 22 modern, deep sea tankers forms a seamless transportation network dedicated to keeping an uninterrupted flow of methanol moving to storage terminals and customers’ plant sites around the world.  For more information, please visit www.wfs-cl.com/.

 About Methanex Corporation

Methanex Corporation is a Vancouver-based, publicly traded company and is the world’s largest producer and supplier of methanol to major international markets in North America, Asia Pacific, Europe and South America.  Methanex’s global production hubs are strategically positioned to supply every major global market.  Methanex has an extensive global supply chain and distribution network of terminals and storage facilities throughout North America, Asia Pacific, Europe and South America. Methanex shares are listed for trading on the Toronto Stock Exchange in Canada under the trading symbol “MX” and on the NASDAQ Global Market in the United States under the trading symbol “MEOH”. For more information, please visit www.methanex.com.

 About Marinvest/Skagerack Invest

Marinvest is a private shipping and investment Group, part owners and managers of product and chemical tankers. Holdings include investments in tankers of about 80,000 dwt, chemical tankers between 20,000 to 50,000 dwt, a developing coastal shipping company and real estate. For more information, please visit www.marinvest.se/.

 About MAN Diesel & Turbo SE

MAN Diesel & Turbo SE, based in Augsburg, Germany, is the world’s leading provider of large-bore diesel engines and turbomachinery for marine and stationary applications. It designs two-stroke and four-stroke engines that are manufactured both by the company and by its licensees. The engines have power outputs ranging from 450 kW to 87 MW. MAN Diesel & Turbo also designs and manufactures gas turbines of up to 50 MW, steam turbines of up to 150 MW and compressors with volume flows of up to 1.5 million m³/h and pressures of up to 1,000 bar. For more information, please visit dieselturbo.man.eu/.

 About the MAN B&W ME-LGI engine

MAN Diesel & Turbo has developed the ME-LGI dual-fuel engine for operation on methanol, heavy fuel oil (HFO), marine diesel oil (MDO), or marine gas oil (MGO). The engine is based on the company’s proven ME-series, with its approximately 5,000 engines in service, and works according to the Diesel principle as methanol is a low-flashpoint, liquid fuel. When operating on methanol, the ME-LGI uses HFO, MDO, or MGO as a pilot fuel, significantly reduces emissions of CO2, NOx and SOx, and eliminates methanol slip. Additionally, any operational switch between methanol and other fuels is seamless. Tests on the 2-stroke MAN B&W ME-LGI engine, when running on methanol, have recorded the same or a slightly better efficiency compared to conventional HFO-burning engines.