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PROMAN STENA BULK AND GSI SIGN DEAL FOR METHANOL TANKERS

Wednesday, November 20, 2019 

Proman Stena Bulk, the joint venture between Stena Bulk and Proman Shipping, has now finalised an agreement with Guangzhou Shipyard International (GSI) in China to build two IMOIIMeMAX methanol-ready 49,900 dwt vessels, with the first vessel due for delivery at the beginning of 2022.

Following extensive development and towing tank tests by GSI and Stena Bulk for their 2015 – 2018 series, the IMOIIMeMAX line of vessels are considered among the most energy efficient mid-range tankers afloat. Taking Proman Shipping’s commitment to supporting a more sustainable global shipping industry one step further, both vessels will be fitted with the latest generation of dual-fuel engines and run on methanol.

The company believes Methanol is rapidly emerging as one of the most viable, low emission and cost-effective marine fuel alternatives, being available at over 100 portsand boasting significant capital cost and safety advantages compared with alternatives such as LNG. As well as providing a clear pathway to IMO's decarbonisation goals, methanol offers 95%-plus reduction in SOx and particulate matter emissions, and 60% less NOx.

Stena Bulk says it demonstrates a commitment to be a leader in the industry by creating in-house solutions and being in the forefront of innovation.

David Cassidy, CEO Proman, said: “GSI have a proven track record with their 13 previous IMOIIMAX vessels for Stena Bulk, and we are very pleased to have reached this agreement with them to build our pioneering new methanol tankers. Methanol is a readily available liquid fuel that meets the strictest emissions criteria, and it has huge global potential as a proven substitute for conventional bunker fuels, as well as more widely for power generation and as a high-octane addition to the gasoline fuel pool.”

Erik Hånell, President and CEO of Stena Bulk said: “We from Stena Bulk are looking forward to being back in a well-known shipyard to us, where we know that they will deliver what is expected: a high level of experience including care, innovation and performance. We are really looking forward to doing this with Proman, as a new high-calibre partner with similar values that we know will develop both ship design and some exciting new features in driving improved performance of the ships.”

The two ships will be 50/50 owned and on long term charter to Proman Shipping after delivery. Each will burn an estimated 12,500 t/year of methanol.

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