Suncor Energy: Methanex Corporation

Methanex Corporation - MX.t is the world's largest supplier of methanol to major international markets in North America, Asia Pacific, Europe and Latin America.

Methanol can be found in everything from windshield washer fluid to recyclable plastic bottles, plywood floors to paint, silicone sealants to synthetic fibres. Methanex has manufacturing, marketing and supply chain capabilities in North America, Latin America, Europe, the Caribbean, the Middle East and throughout the Asia Pacific region.

On April 9, 2016 the company released News

Starting in April, Waterfront Shipping Company Ltd. (WFS), Mitsui O.S.K. Lines, Ltd. (MOL), Westfal-Larsen Management (WL), and Marinvest/Skagerack Invest (Marinvest) are proud to welcome innovative, clean-burning, fuel-efficient vessels to the sea.

These seven 50,000 dead weight tonne 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. This groundbreaking ship technology will significantly reduce emissions while giving ship owners a viable, efficient and convenient fuel alternative. 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 reduces smog-causing emissions such as particulates, sulphur oxides and nitrogen oxides. "Working with our partners to advance new, clean technology is an important and innovative step in the right direction. Investing in methanol-based marine fuel reinforces our commitment to invest in sustainable technology that not only provides environmental benefits but also an economically viable alternative marine fuel. The cost to build new and convert existing vessels to run on methanol is significantly less than alternate fuel conversions," stated Jone Hognestad, President, Waterfront Shipping.

Waterfront Shipping will charter the seven vessels to replace older vessels and expand its fleet. Two of the vessels are owned by WL, two vessels are jointly owned by Marinvest and WFS, and the remaining three vessels are owned by MOL. The ships were built by Hyundai Mipo Dockyard and Minaminippon Shipbuilding Co., Ltd. The first three vessels are being delivered in April, with the remaining four to be delivered by October 2016. "MAN developed these 2-stroke engines in response to interest from the shipping world to operate on alternatives to heavy fuel oil and meet increasingly stringent emissions regulations. To hedge the risk of fuel price volatility, the vessels can switch between fuels, and operate cost-effectively," states Ole Grøne Senior Vice President, Head of Marketing and Sales, MAN Diesel & Turbo.

The traditional ship naming ceremony for two of the dual-fuel vessels, owned by WL with the second as a joint venture with WFS/Marinvest, will take place in Korea on April 18; officially taking delivery on April 20 & 28. "This investment is very much aligned with our vision and leadership to supply safe and environmentally friendly transports. The ability to run on a sulphur-free fuel offers great potential and provides innovative solutions for the world's energy needs," states Patrik Mossberg, Chairman, Marinvest. "To be one of the shipping companies helping to lead this effort makes sense for our business. It's great to be part of an innovative solution," added Rolf Westfal-Larsen, President and CEO, Westfal-Larsen Management.

MOL will take delivery of its dual-fuel vessel in Japan on April 22. "We are excited and proud of the delivery of our first vessel, installed with the first dual-fuel engine in Japan. We are pleased that our technical expertise has been utilized for this commemorative occasion. Having these vessels operating on methanol marine fuel provides shippers and port facilities with a practical and diversified fuel solution that meets today's and tomorrow's emission requirements," states Yoshikazu Kawagoe, Managing Executive Officer (Technical), Mitsui O.S.K. Lines, Ltd.

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 (TSX:MX)(NASDAQ:MEOH) 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.

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