Shipping Giant Maersk Introduces First Green Methanol-Powered Vessel
Copenhagen, DENMARK — Maersk, a leading shipping company, has unveiled its first container ship powered by green methanol, marking a significant milestone for the industry. The vessel, which was ordered in 2021, is equipped with two engines: one running on traditional fuels and the other on green methanol derived from biomass or captured carbon and hydrogen from renewable power sources. Compared to diesel-based ships, the new vessel emits 100 tons less of carbon dioxide per day.
Maersk CEO Vincent Clerc described the development as a tangible demonstration of their commitment to energy transition. He emphasized that while this is just the beginning for Maersk, the ship sets a trend for the entire industry. Other shipping companies, including Evergreen, have also ordered similar vessels, albeit with less ambitious carbon neutrality targets.
Shipping accounts for approximately 3% of global carbon emissions, equivalent to major polluting countries. However, decarbonizing the sector poses challenges due to its global nature. According to Denmark’s Minister of Industry Morten Bodskov, achieving a global agreement requires the support of nearly all countries, and the industry operates in a highly competitive market.
Efforts to accelerate decarbonization, such as implementing a shipping tax, face obstacles. While a group of 20 nations endorsed a plan for a levy on shipping industry emissions, countries like China, Argentina, and Brazil opposed the idea. Maersk’s CEO expressed support for a carbon tax, emphasizing the importance of creating economic incentives for companies to embrace the green transition.
Supply Concerns
The newly introduced vessel is part of a larger order of 25 ships scheduled to arrive by 2024. Maersk aims to achieve climate neutrality by 2040 and these new vessels play a crucial role in meeting that deadline and modernizing its fleet of approximately 700 ships.
However, analysts raise concerns about the availability of green methanol, as it remains scarce and costly to transport. Ulrik Bak, a research analyst at SEB, stated that while methanol is one of the most advanced green fuels, production has not ramped up quickly enough to meet demand. Maersk has signed agreements with nine green methanol suppliers worldwide to encourage increased production.
Maersk acknowledges that securing a sufficient supply of green methanol remains a significant challenge. CEO Vincent Clerc highlighted the need to scale up production and expressed cautious optimism, noting that they are more confident today than they were a year ago in securing the necessary supply.
