Clean Sea takes over Marinvest

TO THE CLEANERS

METHANOL • THE POTENTIAL FOR METHANOL TO BE A MAJOR MARINE FUEL FOR THE FUTURE HAS BEEN GIVEN ANOTHER BOOST WITH THE FORMATION OF CLEAN SEA TRANSPORT

MARINVEST, THE GOTHENBURG-BASED shipping company founded in 1988 that has developed a significant position in the maritime trade in methanol, has been acquired by Clean Sea Transport, a new firm formed by MSEA Group, Arkview Capital and Scorpio Tankers. The deal includes Marinvest’s five dual-fuel methanol carriers, which are all on long-term charters to Waterfront Shipping, a subsidiary of Methanex Corp, the world’s largest methanol producer, as well as five LR1 product tankers.

Among those five methanol tankers is Mari Innovator, delivered by Hyundai Mipo Dockyard

MARINVEST’S FIVE EXISTING METHANOL-FUELLED

TANKERS, WITH MORE ON ORDER, PROVIDE A BASE FOR in early October. This is, Marinvest says, the first ship to be IMO Tier III compliant, using an innovative emulsion blending system to provide methanol or diesel for use in the main engine, which offers “significant cost savings” compared to other emissions control systems. The new ship is also fitted with a propeller boss cap fin for enhanced propulsion efficiency, a ‘speed/fuel pilot’ to maintain fuel consumption at an optimum level, and frequency-controlled pumps and fans. In addition, there is a power factor compensator for the alternators, said to save 11 per cent more energy, and an incinerator capable of evaporating bilge water instead of pumping it out to sea. Another seven newbuildings of the same type are planned.

“We take great pride in what we, together with our partners Waterfront Shipping, have achieved in terms of building the world’s first methanol dual-fuel fleet,” says Patrik Mossberg, CEO of Marinvest and the second generation of the family to lead the company. “Since we took delivery of our first two dual-fuel methanol ships in 2016, we have expanded the fleet to a total of five vessels and continue to be a leading expert and operator using this technology. The sale to Clean Sea Transport will ensure sufficient capital backing to grow our methanol-fuelled fleet using our competence and expertise, while servicing new and existing customers” Mossberg adds.

ENGINE FOR GROWTH The features of the latest newbuilding illustrate what has made Marinvest an attractive target for Clean Sea Transport to provide an entry point into the sector. Modi Mano, founder and CEO of MSEA Group, describes his excitement at the acquisition: “We believe that methanol, which reduces emissions by up to 95 per cent, is a marine fuel for the future as evidenced by the increasing number of orders placed for methanol dual-fuel vessels. Together with the Marinvest team, we intend to be at the forefront of the shipping industry’s transition to clean fuels. Our platform will offer charterers and customers access to future-proof tonnage in the tanker, container and dry bulk segments.”

Ambitions such as these take money to be realised: this is where Arkview Capital plays its part. The investment firm, based in Stamford, Connecticut, is a certified Minority Business Enterprise and believes that companies aligned with its diverse customer base will outperform the market in the long term. It is also focused on interesting opportunities, as co-founder Pavel Chernyshov states: “Our investment in Marinvest will promote the use of clean fuels to significantly reduce the emissions footprint of the shipping industry and key customers. With only a fraction of the ocean-going fleet using clean fuels today, we believe there is a great opportunity for growth to meet the industry’s goal of significantly reducing emissions by 2050.” www.mseacapital.com www.marinvest.se