JP Morgan orders two methanol powered tankers backed by TotalEnergies

The US financial institution JP Morgan has placed an order for two advanced dual-fuel methanol carriers with China’s Guangzhou Shipbuilding International (GSI). The methanol carriers, to be delivered in 2026, will be employed on a time charter with France’s energy giant TotalEnergies.

The two methanol powered product tankers each boast a capacity of 50,000 dwt and will cost $50 million each.

The order shows the increasing significance of methanol as component in the ongoing drive for greener shipping practices and growing methanol demand as a marine fuel.

The dual-fuel technology allows the vessels to operate on both methanol and conventional fuels, offering operational flexibility while contributing to a tangible reduction in greenhouse gas emissions.

A similar contract was signed recently by Singapore-based tanker owner and operator Hafnia with GSI. Hafnia has ordered the construction of four 49,800 dwt dual-fuel methanol chemical MR tankers.

All four vessels are fixed via time charter to TotalEnergies shipping entity CSSA for a multi-year period. Three of these four vessels will be delivered in 2025, with the fourth delivered in 2026.