Freepoint has entered into an off-take agreement valued at $450 million, which is expected to enable the supply of biomethanol bunkers. The fuel supplier, Emvolon, stated that this arrangement would allow for biomethanol to be delivered at a price below $1,000 per metric ton, as reported by Ship & Bunker.
Emvolon suggested that this pricing structure makes the fuel a highly attractive option for shipowners. The company indicated that it would be particularly beneficial for those facing potential penalties under the FuelEU regulations, according to the publication.
The initial marine volumes of this biomethanol fuel are anticipated to become available within a timeframe of two to three years. This timeline suggests a future availability for the shipping industry to integrate this alternative fuel into their operations, Ship & Bunker reported.
