13 January 2023 (Lloyd's List) - AP MOLLER - Maersk’s investment arm has provided growth capital for German green methanol start-up C1 in its latest move to secure supply of the alternative fuel. The funding provided by Maersk Growth will enable the mass production of green methanol without the usual premium paid for it, C1 said in a statement. Maersk has 19 methanol-fuelled containership vessels on order and securing sufficient supply for its new buildings has been a key target for the company. “With current technology, powering our vessels with green methanol will be much more expensive,” said Maersk head of future fuels Maria Strandesen. “We believe in C1’s ultra-efficient catalysis to bring down the price and scale fast with their decentralized approach.” The company previously announced nine partnerships with methanol producers to meet fuel needs of its future fleet. Commodities trading giant Cargill ordered the world’s first methanol dual-fuelled bulk carriers last month with Mitsui & Co. Uncertainty around future availability has limited the number of shipowners ordering green fuel-ready vessels. Methanol was the second-most popular alternative fuel choice for newbuildings ordered in 2022 after liquefied natural gas, according to class society DNV’s monthly analysis of alternative fuels. LNG comprised 9.7% of ships on order and methanol 1.1%. “Green methanol is the most promising way to drastically cut emissions from long-distance shipping at scale in the short term, and we see much traction in that space,” said Maersk Growth partner Peter Votkjaer Jorgensen. More than half of all methanol-fuelled vessels on order were containerships, DNV’s Alternative Fuels Insight showed.