{"id":236331,"date":"2024-03-08T17:57:42","date_gmt":"2024-03-08T15:57:42","guid":{"rendered":"https:\/\/maritimes.gr\/?p=236331"},"modified":"2024-03-08T17:57:42","modified_gmt":"2024-03-08T15:57:42","slug":"total-cost-of-ownership-a-potential-barrier-for-methanol-propulsion-on-passenger-ships","status":"publish","type":"post","link":"https:\/\/maritimes.gr\/en\/total-cost-of-ownership-a-potential-barrier-for-methanol-propulsion-on-passenger-ships\/","title":{"rendered":"Total cost of ownership a potential barrier for methanol propulsion on passenger ships"},"content":{"rendered":"

Report shows a full methanol retrofit is a less commercially attractive prospect than the use of blended fuels (Blend B30), Heavy Fuel Oil, and Heavy Fuel Oil equipped with carbon capture technology.<\/p>\n

A new report from Lloyd\u2019s Register (LR) has found that the total cost of ownership (TCO)[1] for passenger ships retrofitted with methanol dual-fuel engines to be more than double the cost of blended fuel (Blend B30), heavy fuel oil (HFO) and HFO with Onboard Carbon Capture and Storage technologies (oCCS).<\/p>\n

\u2018Fuel for thought: Methanol for Passenger Ships<\/a>\u2019 examined the TCO for operators over a 15-year period and based results on a calculation that 65% of voyage time would be spent in EU waters.<\/p>\n

Overall findings identified in the report, based on analysis by the LR Business Advisory team, show the bunkering price of methanol to be the main commercial barrier for its adoption, with the use of less environmentally friendly fossil based (grey) methanol a more commercially attractive proposition for passenger shipowners than a blend of 50% grey, 25% bio- and 25% e-methanol, even when EU emissions taxes are taken into account.<\/p>\n

However, the study highlights that methanol is a technically viable fuel for ship operators looking to reduce the carbon emissions of passenger ship newbuilds, owing to the similar characteristics of methanol to existing fuels. Viable retrofit paths have also been taken to the sector, such as the pioneer LR project for the Stena Germanica back in 2015<\/a>. This technical viability is reflected in the global orderbook with passenger ships ranging from small inland vessels to the largest cruise ships awaiting delivery.<\/p>\n

\"\"

Natasha Pritchard, VP Strategic Accounts (Cruise) Lloyd\u2019s Register<\/p><\/div>\n

The report also outlines that greater investment is needed in green and bio-methanol production along with improved bunkering infrastructure to increase fuel availability and reduce costs to a commercially viable level.<\/p>\n

Natasha Pritchard, VP Strategic Accounts (Cruise) Lloyd\u2019s Register<\/strong> said: \u201cOur latest Fuel for thought report brings some much-needed insights for passenger ship owners evaluating methanol as part of their energy transition pathway. Whilst methanol as marine fuel holds considerable promise as a low carbon solution for passenger ship propulsion, the total cost of ownership (TCO) compared to other fuels may represent an obstacle to its widespread take-up in the segment. It is therefore vital that renewable and low carbon production of methanol is prioritised in order to drive down these costs.<\/em>\u201d<\/p>\n

The report is the latest release in the Fuel for thought series<\/a> and references The LR Maritime Decarbonisation Hub\u2019s unique research in the form of its Zero Carbon Fuel Monitor<\/a> and Zero Ready Framework whitepaper<\/a>.<\/p>\n

About Lloyd\u2019s Register<\/strong><\/em><\/p>\n

Trusted maritime advisers, partnering with clients to drive performance across the ocean economy.<\/em><\/p>\n

Lloyd\u2019s Register (LR) is a global professional services group specialising in marine engineering and technology. With a heritage going back more than 260 years to the establishment of the world\u2019s first marine classification society, LR is dedicated to setting and improving standards for the safety of ships.<\/em><\/p>\n

Today we are a leading provider of classification and compliance services to the marine and offshore industries, helping our clients design, construct and operate their assets to accepted levels of safety and environmental compliance.<\/em><\/p>\n

We also provide advice, support and solutions on fleet performance, fleet optimisation and voyage optimisation, enhancing our clients\u2019 digital capabilities. Our digital solutions are relied upon by more than 20,000 vessels.<\/em><\/p>\n

In the race to zero emissions, our research, technical expertise and industry-firsts are supporting a safe, sustainable maritime energy transition.<\/em><\/p>\n

Lloyd\u2019s Register Group is wholly owned by the Lloyd\u2019s Register Foundation, a politically and financially independent global charity that promotes safety and education.\u00a0<\/em><\/p>\n

Find out more lr.org.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Report shows a full methanol retrofit is a less commercially attractive prospect than the use […]<\/p>\n","protected":false},"author":23,"featured_media":236332,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[273,298],"tags":[307],"class_list":["post-236331","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maritimes-news","category-seagoing-maritimes-news","tag-featured-en"],"yoast_head":"\nTotal cost of ownership a potential barrier for methanol propulsion on passenger ships - Maritimes<\/title>\n<meta name=\"description\" content=\"Report shows a full methanol retrofit is a less commercially attractive prospect than the use of blended fuels (Blend B30), Heavy Fuel Oil, an\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/maritimes.gr\/en\/total-cost-of-ownership-a-potential-barrier-for-methanol-propulsion-on-passenger-ships\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Total cost of ownership a potential barrier for methanol propulsion on passenger ships - 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