Mr. Mark Allard reports

METHANEX AND MOL COMPLETE FIRST-EVER NET-ZERO VOYAGE FUELLED BY BIO-METHANOL

Methanex Corp. and Mitsui OSK Lines Ltd. (MOL) have noted that the dual-fuel vessel Cajun Sun successfully completed the first-ever net-zero voyage fuelled by bio-methanol. The voyage is an example of how Methanex and MOL are collaborating to demonstrate the viability of methanol as a marine fuel with a pathway to net-zero emissions.

The Cajun Sun, operated by Methanex's subsidiary Waterfront Shipping and chartered from MOL, departed from Geismar, United States, on Jan. 17, and arrived in Antwerp, Belgium, on Feb. 4. By blending ISCC (International Sustainability and Carbon Certification)-certified bio-methanol that has negative carbon intensity with natural gas-based methanol, net-zero greenhouse gas emissions on a life cycle basis were achieved for the 18-day transatlantic voyage. This innovative fuel solution offers shipping companies the ability to achieve net-zero carbon emissions today, supporting the industry's transition to a low-carbon future.

"We're proud to bring the marine industry a tangible solution to transition towards net-zero emissions through our blended methanol product, using bio-methanol produced from renewable natural gas at our facility in Geismar, U.S.," said Mark Allard, Methanex's senior vice-president, low-carbon solutions. "As the world's largest methanol producer, we are establishing a network of relationships with leading renewable natural gas suppliers and assessing other pathways, including carbon capture and storage and e-methanol, to provide solutions for the marine industry and other customers."

"We're pleased to complete the net-zero voyage by utilizing bio-methanol. This is another example of what we can collectively accomplish in our long-term partnership with Methanex and Waterfront Shipping that was solidified in early 2022 when we purchased a 40-per-cent interest in Waterfront Shipping," said Kazuhiro Takahashi, MOL's executive officer responsible for bunker business division. "MOL, as a pioneering shipping company, is committed to reducing the environmental impact of the shipping sector. The use of methanol, which can be readily adopted today, is one of the very promising alternative fuels. We are also contributing to various stages of supply chain through the development and usage of alternative fuels in the global shipping industry."

The use of methanol as an alternative marine fuel was pioneered by Waterfront Shipping in 2016 when Methanex, Waterfront Shipping and MOL, in conjunction with other key partners, jointly built the world's first ocean-going methanol dual-fuel tanker, Taranaki Sun.

For more information about methanol as a lower-carbon marine fuel, visit the company's website.

Note:

The term net zero in the news release refers to the total greenhouse gas emissions measured on a life cycle basis, including the avoided emissions that occurred during the process of bio-methanol production.

About Methanex Corp.

Methanex is the world's largest producer and supplier of methanol to major international markets in Asia Pacific, North America, Europe and South America. The company's methanol production sites are located in New Zealand, the United States, Trinidad, Chile, Egypt and Canada. Methanex is headquartered in Vancouver, Canada.