J.P. Morgan to Add Two Methanol-Ready Vessels to Its Fleet

January 5, 2024, by Adnan Memija

J.P. Morgan has contracted Norway-based Ulstein Verft to deliver two methanol-ready commissioning service operation vessels (CSOVs).

In July 2023, Bernhard Schulte Offshore ordered the design and construction of two CSOVs from Ulstein, a contract that included options for two + two vessels.

These options have been transferred to institutional investors advised by J.P. Morgan Asset Management, who declared the first two.

“We are excited to add to our existing presence in the offshore wind maintenance sector. These latest technology Construction Service Operation Vessels (CSOVs) will play a critical role in the development and delivery of renewable energy and global energy decarbonization,” said Andrian Dacy, Global Head of J.P. Morgan Asset Management’s Global Transportation Group.

The CSOVs will be equipped with a hybrid battery propulsion system and prepared for green methanol fuel to enable carbon-neutral operations.

The CSOVs, measuring 89.6 metres in length with a beam of 19.2 metres, are of the ULSTEIN SX222 design and will utilise the company’s TWIN X-STERN design, featuring two sterns and main propellers located at both fore and aft.

J.P. Morgan’s Global Transportation group is an active developer, owner, and operator of a broad range of air, sea, and land-based transportation assets. With a fleet of over 100 vessels, the group is said to bring a deep knowledge base to bear in all shipping sectors.