Singapore licenses three companies to supply methanol as marine fuel

Global Energy Trading, Golden Energy and PetroChina will be licensed to supply methanol as marine fuel in the Port of Singapore from Jan. 1, 2026, the Maritime and Port Authority of Singapore said in a statement Nov. 24.

The MPA said that the three companies were selected from a total of 13 applicants through an evaluation process that assessed supply chain reliability, operational readiness, safety systems, and the sustainability certification of the methanol to be supplied.

The licenses will be valid for a five-year period, from Jan. 1, 2026 to Dec. 31, 2030, subject to successful applicants meeting relevant licensing conditions.

"The five-year period supports the early development of methanol bunkering by giving licensees sufficient scope to build capabilities, strengthen supply chains, and anchor initial investments as the market develops," the MPA said.

It will also continue to review the licensing framework, incorporating operational experience, technological developments, and evolving international standards so that the framework remains demand-responsive, robust and aligned with global standards and developments.

"This marks an important step towards establishing methanol bunkering at scale and driving Singapore’s ambition to be a sustainable multi-fuel bunkering hub," the MPA said.

In 2023, Singapore completed the first ship-to-container methanol bunkering operation in the world, according to the MPA. It followed that with the first simultaneous methanol bunkering and cargo operation in 2024.

Platts assessed Singapore-delivered methanol marine fuel stable on Nov. 24 at $500.60/mt, based on a formula that, in the absence of firm price discussions, takes 20% of the Singapore-delivered low-carbon methanol marine fuel bunker price and 80% of the Singapore conventional methanol bunker price, which on Nov. 24 was assessed at $372/mt.