Bunker Holding and SyntexNRG Strike Deal for Green Methanol Supply

On May 7th, 2024, Bunker Holding A/S, a prominent marine fuel provider globally, and SyntexNRG Inc., specializing in renewable fuels and technology, declared a collaboration. They have forged an agreement to develop and produce renewable methanol, intending to supply this fuel at ports where Bunker Holding maintains physical operations worldwide.

Maritime stakeholders are ramping up their preparations for the shift towards a low-carbon shipping industry. Syntex premium methanol is poised to surpass stringent low-carbon emission criteria established by various decarbonization initiatives, including the European Union ETS for marine fuels, the FuelEU Maritime Initiative, and the IMO's 2030 and 2050 emission reduction objectives.

In response to the announcement, Mr. Carlos G. Torres, Global Head of Methanol and Strategic Partnerships at Bunker Holding A/S, comments: "At Bunker Holding, we acknowledge methanol's prominence as one of the most readily adaptable future fuels for the maritime sector. The imperative to ensure availability of green methanol, recognized as a premier option for decarbonizing marine operations, underpins the foundation and significance of the collaboration between SyntexNRG and Bunker Holding, as exemplified by this agreement."

Mr. Torres further states: "We take pride in being a solutions-oriented provider for our clients. Our longstanding presence in the market involves consolidating demand from our customers and delivering the most cost-efficient supply solutions through our extensive global network. As the maritime sector transitions to low-carbon fuels, we envision our role evolving to better cater to our customers' evolving needs. A pivotal aspect of this evolution involves facilitating the entry of new fuel producers into the low-carbon landscape and effectively aggregating supply from various sources and regions to meet our customers' global demand. Our partnership with SyntexNRG is instrumental and strategic in facilitating this new and evolving role within the industry."

Mr. Tom Waggoner, Managing Director and CEO of Syntex Industries, echoes Mr. Torres' sentiments, stating: "SyntexNRG is dedicated to advancing the decarbonization of the global economy through investments in renewable energy and sustainable fuels. Our renewable methanol project in the U.S. marks our initial endeavor towards facilitating the decarbonization of marine fuels in the future."

Mr. Waggoner adds: "Teaming up with Bunker Holding opens doors for us to extend beyond the U.S. and tap into global markets. According to reports from Clarksons, approximately 300 ships are already slated for construction or retrofitting to utilize this innovative alternative to fossil fuels. This prospect is highly promising and presents significant potential for both companies."