Order 12 more ships? Maersk is not competing to be the "biggest", only to be the "greenest".

2022-06-24 09:00

Maersk, now the world's second-largest shipping giant, seems to have abandoned its pursuit of fleet size, but it clearly remains optimistic about methanol fuel. Following the initial order of 13 vessels from Hyundai Heavy Industries Group, Maersk is expected to order an additional 12 methanol-powered container ships, doubling its backlog of carbon-neutral container ships.

According to TradeWinds, Maersk has contacted the three major South Korean shipbuilders, Hyundai Heavy Industries, Samsung Heavy Industries, and Daewoo Shipbuilding & Marine Engineering, planning to order up to 12 16,000TEU methanol-powered container ships. This includes an initial order of 6 to 8 vessels, with the remainder as optional vessels. Considering that the delivery slots for the three major South Korean shipbuilders are basically fully booked for 2025, these new ships are expected to be delivered and put into operation at the end of 2025 or in 2026.

In response to this news, a Maersk spokesperson said: "As a global operator with a fleet of over 700 vessels, Maersk is constantly reviewing its fleet composition to ensure it meets current and future operational needs. This includes reviewing and evaluating opportunities from third-party chartering, purchasing or selling vessels, and ordering newbuilds. Continued capital expenditure control remains a key focus area for Maersk. We further reiterate our focus on disciplined, proactive capacity management and maintaining fleet capacity within the range of 4 to 4.3 million TEU."

In July last year, Maersk ordered a 3,500TEU carbon-neutral methanol-powered container ship from Hyundai Mipo Dockyard, becoming the world's first shipping company to order a zero-carbon container ship. In August of the same year, Maersk ordered 8+4 16,000TEU methanol-powered container ships from Hyundai Heavy Industries, marking the global debut of large vessels powered by methanol fuel engines. The 4 optional orders were confirmed at the beginning of this year.

Including the planned order of 12 16,000TEU methanol-powered ships, Maersk's backlog of carbon-neutral methanol-powered container ships will increase to 25.

Industry insiders estimate that due to the continued rise in material and labor costs, the price of Maersk's latest 12 orders will be 5% to 10% higher than the $175 million per ship in August last year, approximately $183 million per ship, with a total value of over $2.2 billion (approximately RMB 14.759 billion) for all 12 ships.

Maersk's 16,000TEU methanol-powered container ships are 350 meters long and 53.5 meters wide, with a significantly different appearance from any previous large container ships. The crew quarters and bridge will be located at the bow to increase container capacity. The smokestack will be placed at the stern, and only on one side of the vessel, to provide more space for cargo. This separation design between accommodation and smokestack will also improve the vessel's efficiency in port. The methanol dual-fuel propulsion system used by the vessel will be developed in cooperation with manufacturers including MAN Energy Solutions, Hyundai Heavy Industries Engine & Machinery Division (HI-EMD), and Alfa Laval.

According to Maersk's plan, although these vessels can operate using standard very low sulfur fuel oil (VLSFO), these new vessels will operate using carbon-neutral e-methanol or sustainable bio-methanol from the day they are put into operation.

In the future, all newly built vessels owned by Maersk will use dual-fuel technology, enabling carbon-neutral operation or operation using standard very low sulfur fuel oil (VLSFO). Maersk will continue to explore various carbon-neutral fuel pathways and expects multiple fuel solutions to coexist in the future. Methanol (e-methanol and bio-methanol), lignin-based mixtures, and ammonia remain options for future fuels.

To ensure the supply of methanol fuel, Maersk has established strategic partnerships with CIMC ENRIC, European Energy, Green Technology Bank, Proman, Orsted, and Wastefuel to procure green methanol. This move will increase global green methanol production capacity to 730,000 tons per year by 2025 at the latest and help Maersk obtain far more green methanol than needed for the initial 12 methanol-powered container ships.

Maersk believes that green methanol is the only currently marketable low-carbon fuel for the shipping industry, and expects to need up to 6 million tons/year of green methanol by 2030 to fuel its vessels. Maersk aims to have 25% of its fleet using green fuels by 2030 and achieve net-zero emissions by 2040.

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