Methanex Corporation and Mitsui O.S.K. Lines, Ltd.announced the completion of the previously announced strategic partnership involving Methanex’s Waterfront Shipping subsidiary – Methanex has received proceeds of approximately US$145 million from MOL for a 40 percent minority interest in WFS. Methanex will retain the remaining 60 percent majority interest in WFS and continue to operate WFS as a key element of its global supply chain capabilities.
Methanol is a safe, proven, cost-competitive marine fuel for the commercial shipping industry that can meet current and future emissions regulations -Note 1. Through this transaction, Methanex as the worldleading methanol producer, WFS as the world’s leading methanol shipper, and MOL as the provider of multimodal shipping services will strengthen a relationship established over 30 years and advance the
commercialization of methanol, including renewable methanol -Note 2, as a viable marine fuel.
NOTE1- As a marine fuel, methanol can reduce sulphur oxides emissions by up to 99 percent,particulate matter emissions by up to 95 percent, nitrogen oxides by up to 80 percent, and CO2 emissions by up to 15 percent during combustion compared to conventional marine fuels. Also, methanol produced from renewable sources can reduce CO2 emissions by up to 95 percent.
NOTE2- Methanol is most commonly produced on a commercial scale from natural gas and coal. Methanol can also be made from renewable sources, such as municipal waste, biomass and recycled carbon dioxide.
About Methanex Corporation
Methanex is a Vancouver-based, publicly traded company and is the world’s largest producer and supplier of methanol to major international markets. 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”.
About Waterfront Shipping
Waterfront Shipping, a 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 deadweight tonnes. Its fleet of approximately 30 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.