Denmark's Green Marine Group and the Lin-gang Special Area Administration signed a landmark agreement on April 2, to establish the world's first methanol marine fuel trading platform in the Lin-gang Special Area in East China's Shanghai.

Representatives from the Green Marine Group and the Lin-gang Special Area Administration sign the agreement. [Photo/WeChat ID: shlgguanweihui]

The trading platform aims to provide tools for managing price risks and to promote green methanol trading in the shipping industry.

It's designed to help allocate green fuel resources between international and domestic markets, creating a leading global ecosystem for green shipping services.

Additionally, the Green Marine Group will set up the first China's green methanol training and certification center in Lin-gang. It will support ship-to-ship methanol refueling services for international vessels, addressing the shortage of high-end shipping services in Shanghai.

Headquartered in Copenhagen, capital of Denmark, the Green Marine Group specializes in methanol-powered ships and certification training. With its expertise in vessel designs, construction, operations and management, the company aims to provide technical support. The venture marks its landmark entry into China.

As part of maritime decarbonization efforts, methanol-powered vessels are being introduced globally. It's estimated that over 800,000 seafarers will require retraining to meet operational needs. The platform and training center are said to hold major significance for Shanghai port's green refueling services.

Overall, Lin-gang is actively promoting green shipping, with the establishment of the Lin-gang Special Area green shipping industry alliance on March 1. This aims to pave the way for collaboration across the industry supply chain to enhance the sustainability of the green shipping sector.