Challenges and Potential of Methanol as a Marine Fuel

A new report from Lloyd’s Register (LR) indicates that while technology feasibility continues to grow for methanol as a marine fuel, there are several challenges the industry must overcome to adopt it. The report, titled “Fuel for Thought: Methanol,” states that the main obstacles are investment and community readiness. While technology for methanol usage as a marine fuel is feasible and available in certain cases, the industry still needs significant investment. Most engine makers are expected to release dual fuel engine models in the near term, and shipowners have shown interest, with methanol potentially accounting for 20% of vessel orders by 2030.

Community readiness for methanol is gradually increasing, drawing on the experience of transporting methanol as cargo and using it as fuel over the past decade. Safe bunkering guidance has been established, laying the foundation for future international safety requirements. Class regulations are also in place to ensure safety requirements are met by methanol-powered vessels. However, the report highlights that pricing, availability, and carbon accounting pose major challenges to the further development of methanol as a fuel.

Availability could be a significant issue due to low supply, which may result in higher prices for shipping. The majority of methanol produced at scale is sourced from natural gas and is not renewable, raising questions about whether methanol will be certified as green. In addition, the energy density of methanol compared to current diesel and fuel oils may impede its widespread use as a marine fuel, as vessels would require up to two and a half times the amount of methanol for a specific consumption.

Douglas Raitt, Lloyd’s Register’s Regional Advisory Services Manager for Asia, emphasizes the importance of scaling up green and blue methanol production for the maritime industry to adopt the fuel widely. While methanol is not a “silver bullet” solution for decarbonization, it has the potential to play a significant role in a multi-fuel future. LR plans to release reports on other energy sources such as ammonia, biofuels, carbon capture technologies, nuclear power, hydrogen, battery and electric power, and the transition of LNG as part of its “Fuel for Thought” series. These reports will analyze the safety, production, economic drivers, and technology of each energy source.

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