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Waterfront Shipping Company Ltd. has reached an agreement with Mitsui O.S.K. Lines, Ltd. (MOL), Westfal-Larsen & Co A/S (WL) and Marinvest/Skagerack Invest to construct six new ships, with an option to build an additional three, all to be delivered during 2016. These 50,000 deadweight tonne (dwt) vessels are due to be built with MAN ME-LGI flex fuel engines running on methanol, fuel oil, marine diesel oil, or gas oil.

Waterfront Shipping, a wholly owned subsidiary of Methanex Corporation, is a global marine transportation company specializing in the safe, responsible and reliable transport of bulk chemicals and clean petroleum products.

"With the growing demand for cleaner marine fuel to meet environmental regulations coming into effect in Northern Europe and other regions, methanol continues to be a promising alternative fuel for ships," the company said in a statement.

"We are very excited to continue investing in methanol-based marine fuel. This announcement reinforces our commitment to continue investing in sustainable technology. Methanol is a sulphur-free fuel that provides many environmental and clean burning benefits. With fuel prices increasing and upcoming shipping regulations requiring the use of cleaner marine fuel, methanol-based fuel is a promising alternative which reduces emissions and fuel costs," stated Jone Hognestad, President, Waterfront Shipping.

Waterfront Shipping plans to charter these vessels in order to replace older vessels in its fleet and to support increased demand from Methanex Corporation's growth initiatives, including the relocation of two methanol plants from Chile to Geismar, Louisiana.

Of the ships being built, MOL, Marinvest/ Skagerrak Invest and WL will each own two, plus one optional vessel. The ships will be built by Hyundai Mipo Dockyard and Minaminippon Shipbuilding Co., Ltd.

Image: Mariline fuel tanker ship operated by Waterfront Shipping.