Korea and Japan Welcome the First Methanol-Fueled Ocean-Going Vessels

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 22, 2016) -Starting on April 18, Waterfront Shipping Company Ltd. (WFS), Marinvest/Skagerack Invest (Marinvest), Westfal-Larsen Management (WL), and Mitsui O.S.K. Lines, Ltd. (MOL) were proud to attend the traditional ship naming ceremonies and take delivery of the first Korean and Japanese built methanol-fueled ocean tankers, the Lindanger, Mari Jone and Taranaki Sun.

Hyundai Mipo Dockyard hosted the Korean ship naming ceremony, while Minaminippon Shipbuilding Co., Ltd. hosted the Japanese ceremony; where all three of these 50,000 dead weight tonne vessels were built.

The vessels are built with the first-of-its kind MAN B&W ME-LGI 2-stroke dual-fuel engines that can run on methanol, fuel oil, marine diesel oil, or gas oil. The engine was developed by MAN Diesel & Turbo and is based on the company’s proven ME-series, with its approximately 5,000 engines in service.

"When operating on methanol, the ME-LGI significantly reduces emissions of CO2, NOx and SOx. Additionally, any operational switch between methanol and other conventional fuels is seamless,” states Ole Grøne Senior Vice President, Head of Marketing and Sales, MAN Diesel & Turbo.

Lindanger and Mari Jone were named in honour of long-service WFS employees: Linda Bowles dedicated 23 years to WFS and passed away in 2013, and Jone Hognestad has led WFS as President for 17 years. Taranaki Sun was named after Methanex’s New Zealand production facility where it has produced methanol in the Taranaki province for approximately 30 years. The vessels’ names also incorporate the long standing naming traditions of the ship owners, emphasizing the close cooperation and joint efforts making this innovative vessel design a reality.

“Celebrating the naming of these vessels with our partners and my family is an honour,” stated Jone Hognestad, President, Waterfront Shipping. “I’m proud to add these sustainable vessels to our fleet and have my family name displayed."

With the growing demand for cleaner marine fuel to meet environmental regulations, methanol is a promising alternative fuel for ships that can meet the industry’s increasingly stringent emissions regulations. Methanol is a biodegradable, clean-burning marine fuel that significantly reduces smog-causing emissions such as particulates, sulphur oxides and nitrogen oxides.

“This is just the beginning of our investment in this clean, innovative marine technology. We’re excited to explore fuel diversification and provide our customers with options through dual-fuel engines,” states Patrik Mossberg, Chairman, Marinvest. “We are pleased to be in Korea for its first methanol-fueled ship naming ceremony. We are not only welcoming a new vessel but also a groundbreaking innovative technology to the shipping industry,” added Rolf Westfal-Larsen, President and CEO, Westfal-Larsen Management.

“Having the delivery of the tanker with the first dual-fuel engine take place in Japan is a landmark. This is a revolutionary initiative that will move the shipping industry forward and in the right direction,” states Yoshikazu Kawagoe, Managing Executive Officer (Technical), Mitsui O.S.K. Lines, Ltd.

Lindanger was delivered to WL on April 20 and Taranaki Sun delivered to MOL on April 22. The Mari Jone will be delivered to Marinvest/WFS on April 28. All vessels will be chartered by WFS.

About Waterfront Shipping

Waterfront Shipping, a wholly owned subsidiary of Methanex Corporation, is a global marine transportation company specializing in the safe, responsible and reliable transport of bulk chemicals and clean petroleum products to major international markets in North America, Asia Pacific, Europe and Latin America. Waterfront Shipping operates the world’s largest methanol ocean tanker fleet with its fleet comprising vessels from 3,000 to 50,000 dwt. Its fleet of 22 modern, deep sea tankers forms a seamless transportation network dedicated to keeping an uninterrupted flow of methanol moving to storage terminals and customers’ plant sites around the world. For more information, please visit www.wfs-cl.com/.

About Methanex Corporation

Methanex Corporation is a Vancouver-based, publicly traded company and is the world's largest producer and supplier of methanol to major international markets in North America, Asia Pacific, Europe and South America. Methanex’s global production hubs are strategically positioned to supply every major global market. Methanex has an extensive global supply chain and distribution network of terminals and storage facilities throughout North America, Asia Pacific, Europe and South America. Methanex shares are listed for trading on the Toronto Stock Exchange in Canada under the trading symbol "MX" and on the NASDAQ Global Market in the United States under the trading symbol "MEOH". For more information, please visit www.methanex.com.

About Mitsui O.S.K. Lines, Ltd.

Mitsui O.S.K. Lines, Ltd., founded in 1884, is one of the world's leading shipping companies headquartered in Tokyo, Japan. The company operates more than 900 of various types of vessels, including tankers, dry bulkers such as iron ore carriers, coal carriers and woodchip carriers, liquefied natural gas (LNG) carriers, car carriers and containerships. MOL and its group companies also provide business other than international shipping; terminal and logistics services, cruise ships, ferries, coastal liners and others. For more information, please visit http://www.mol.co.jp/en/.

About Westfal-Larsen & Co A/S

Westfal-Larsen & Co AS is the Norwegian ship owning entity of the Westfal-Larsen Group. The company dates its origin as ship owners to 1905, and is headquartered in Bergen, Norway. The group is involved in various business activities such as chemical tankers and specialized dry bulk shipping, property investments, trade and industry. The company is well established in the Commodity Chemicals tanker markets, and operates a fleet of modern vessels built between 2009 and 2012. All tankers are zinc-coated and fully IMO II. Westchart, a wholly owned subsidiary of WLCO, is responsible for the commercial management. Westfal-Larsen Management acts as technical manager for the chemical tanker fleet. For more information, please visit http://www.wlco.no.

About Marinvest/Skagerack Invest

Marinvest is a private shipping and investment Group, part owners and managers of product and chemical tankers. Holdings include investments in tankers of about 80,000 dwt, chemical tankers between 20,000 to 50,000 dwt, a developing coastal shipping company and real estate. For more information, please visit http://www.marinvest.se/.

About MAN Diesel & Turbo SE

MAN Diesel & Turbo SE, based in Augsburg, Germany, is the world's leading provider of large-bore diesel engines and turbomachinery for marine and stationary applications. It designs two-stroke and four-stroke engines that are manufactured both by the company and by its licensees. The engines have power outputs ranging from 450 kW to 87 MW. MAN Diesel & Turbo also designs and manufactures gas turbines of up to 50 MW, steam turbines of up to 150 MW and compressors with volume flows of up to 1.5 million m3/h and pressures of up to 1,000 bar. For more information, please visit http://dieselturbo.man.eu/.

About the MAN B&W ME-LGI engine

MAN Diesel & Turbo has developed the ME-LGI dual-fuel engine for operation on methanol, heavy fuel oil (HFO), marine diesel oil (MDO), or marine gas oil (MGO). The engine is based on the company's proven ME-series, with its approximately 5,000 engines in service, and works according to the Diesel principle as methanol is a low-flashpoint, liquid fuel. When operating on methanol, the ME-LGI uses HFO, MDO, or MGO as a pilot fuel, significantly reduces emissions of CO2, NOx and SOx, and eliminates methanol slip. Additionally, any operational switch between methanol and other fuels is seamless. Tests on the 2-stroke MAN B&W ME-LGI engine, when running on methanol, have recorded the same or a slightly better efficiency compared to conventional HFO-burning engines.

 
Waterfront Shipping Company / Methanex Corporation
Investor Inquiries
Sandra Daycock
Director, Investor Relations
604 661 2600 or Toll Free: 1 800 661 8851
sdaycock@methanex.com

Media Inquiries
Baljit Lalli
Manager, Communications, Global Stakeholder Relations
604 661 2600 or Toll Free: 1 800 661 8851
blalli@methanex.com

Mitsui O.S.K. Lines, Ltd.
Public Relations Office
81 3 3587 7015
pblmo@molgroup.com

Westfal-Larsen Management
Rolf Westfal-Larsen
President and CEO
+47 55 30 35 30
+47 90 14 29 39
rwl@wlco.no

Marinvest/Skagerack Invest
Patrik Mossberg
Chairman
Office: +46 31 81 72 50
Direct: +46 31 81 72 57
patrik@marinvest.se

MAN Diesel & Turbo SE
Peter Dan Petersen
Head Marketing & Documentation
+45 33 85 14 70
peterd.petersen@man.eu