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Cost of ownership is a potential barrier for methanol-fuelled passenger ships


Written by Ian Taylor


The total cost of ownership (TCO) for passenger ships retrofitted with methanol dual-fuel engines can 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), according to a new report from Lloyd’s Register (LR). Fuel for thought: Methanol for Passenger Ships 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 – and concluded that ‘the bunkering price of methanol was the main commercial barrier for its adoption’. However, the study also highlighted 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.The report maintained 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. Natasha Pritchard, VP Strategic Key Accounts (Cruise), Lloyd’s Register said: ‘Our 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.’


Source : bunkerspot

 

 

 

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