Proman, Stena Bulk partner to form methanol-powered shipping fund
Methanol producer Proman and tanker owner Stena Bulk have collaborated to form a methanol-powered shipping fund to reduce emissions from the maritime industry.
PHOTO: LEMSCO’s initial portfolio of four methanol-fuelled vessels. LEMSCO/Proman
The fund called Low Emission Methanol Shipping Company (LEMSCO) has been supported by a DNV-certified green loan from Dutch bank ABN AMRO and other equity investors. Green loans are loans meant for sustainable, environmentally friendly purposes, such as reducing CO2 emissions, or purposes contributing to the green transition.
LEMSCO’s seed asset comprises a fleet of four methanol-fuelled medium-range (MR) tankers namely Stena Pro Patria, Stena Pro Marine, Stena Promise and Stena Prosperous. These vessels have been taken from Proman and Stena Bulk.
The shipping fund will also benefit from “a dedicated methanol supply contract” from Proman.
It will invest in “shipping and associated infrastructure with the aim of reducing emissions from the global maritime sector,” the joint statement reads.
“LEMSCO demonstrates the market’s readiness to offer practical financial incentives through reduced cost funding for ships fuelled by low-emission methanol, and can be the catalyst for further investments into sustainable shipping,” Proman’s chief executive David Cassidy says.
By Tuhin Roy
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