Maersk spends $1.4 billion on ships that can run on ‘carbon neutral’ methanol

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Chris Ratcliffe | Bloomberg | Getty ImagesDanish firm Maersk said Tuesday it is ordering eight large, ocean-going vessels able to run on what it called "carbon neutral methanol."The world's largest container shipping firm said the vessels would be built by South Korea's Hyundai Heavy Industries and have the capacity to carry around 16,000 containers. According to a number of reports, each ship will cost $175 million, making the total cost $1.4 billion.In a video message, Morten Bo Christiansen, Maersk's head of decarbonization, said the vessels would "hit the waters from early 2024." He added: "Once they are all out there sailing on green methanol, they will save a million tons of CO2 every year."Maersk said the ships would have a dual fuel engine set up, a feature which increases costs. "Additional capital expenditure … for the dual fuel capability, which enables operation on methanol as well as conventional low Sulphur fuel, will be in the range of 10-15% of the total pric
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