Swedish shipowner Stena Bulk and Swiss methanol producer and tanker group Proman are forming shipping’s first sustainable methanol fund.

Stena Bulk and Proman’s energy transition investment advisory company ProMarine said it is setting up Low Emission Methanol Shipping Company (LEMSCO).

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The fund will have an initial portfolio of four methanol-fuelled MR tankers owned by Proman and Stena Bulk, financed by Dutch bank ABN Amro.