Denmark-headed product and chemical tanker shipping major Hafnia Group has announced that it has, together with joint-venture partner France-headed independent shippers Socatra, concluded an order for four 49 800 deadweight dual-fuel Methanol Chemical IMOII Medium-Range (MR) newbuilds, to be constructed out of Guangzhou Shipyard International Co. Ltd (GSI), in China.
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According to a statement, this is Hafnia’s first investment and step into the dual-fuel methanol landscape, and is in line with the company’s sustainability values and ambitions in transitioning towards a greener future and maritime sector.
The increasing momentum in green methanol-fueled vessels highlights its ability as a cleaner marine fuel, with a future-proofed and proven net-zero pathway, furthering Hafnia’s ambitions in meeting the IMO’s 2050 targets.
The use of green methanol onboard eliminates local pollutants, including sulphur oxides (SOx) and particulate matter (PM), cuts nitrogen oxides (NOx) emissions by up to 60 percent, and reduces carbon dioxide (CO2) emissions by close to 100 percent on a tank-to-wake basis versus conventional marine fuels.
Given the time it takes to build a vessel and the time it takes actually to start moving the needle on carbon emissions, it is important to act now and take proactive steps in decarbonizing the maritime industry, said Søren Steenberg Jensen, Head of Asset Management at Hafnia Group.
Time-charter with TotalEnergies
In 2023, Hafnia took delivery of two of its four Liquified Natural Gas (LNG) dual-fuel LR2 Product Tankers – the Hafnia Languedoc and Hafnia Loire – also built out of GSI, with the two remaining vessels to be delivered up to 2024.
The Hafnia Languedoc and Hafnia Loire are both on a Time-Charter agreement with France-headed global energy super-major TotalEnergies AS via CSSA, the shipping entity of TotalEnergies.
Three of these new methanol dual-fuel vessels will be delivered in 2025, with the fourth delivered in 2026. All four vessels are fixed Time-Charter to TotalEnergies via CSSA.
Given the time it takes to build a vessel and the time it takes actually to start moving the needle on carbon emissions, it is important to act now and take proactive steps in decarbonizing the maritime industry. It does, however, require partnerships with Charterers, to make the financials work. The cost of the new fuels’ technologies, if unsupported by long-term contracts, will have most owners refrain from taking the financial risk of the future fuel’s technology alone on otherwise already expensive assets. We are very proud to be partnering with long-standing customer TotalEnergies, who are very committed to actively driving this transition with us, Søren Steenberg Jensen said.
This deal marks the second time Hafnia partners with TotalEnergies in taking joint steps to develop low-carbon shipping solutions.
As the IMO just decided on new ambitious targets to decarbonize shipping, TotalEnergies is mobilized to enable the development of low-carbon shipping. The dual-fuel methanol propulsion of the chartered MR tankers will offer highly valuable fuel flexibility and the actual capability for TotalEnergies to steer the decarbonization of its shipping activity, in line with the company’s ambition. We are also very pleased to expand the relationship with Hafnia, and its French partner Socatra to benefit from their expertise and deliver safe, low-carbon, and efficient shipping services, ended Jerome Cousin, SVP of Shipping at TotalEnergies.
