Ho Chi Minh City, Vietnam | December 2, 2025 – Asia Pacific Shipping Company Limited (ASP) has formally announced the operational readiness of its two new MR2 chemical tankers, ASP RAINBOW and ASP SUNSHINE, marking a historic breakthrough: they are Vietnam’s first commercial vessels equipped with methanol dual-fuel technology.
The official delivery of the 49,500-DWT ASP RAINBOW, together with the joint naming ceremony for both vessels on November 20, 2025 at Guangzhou Shipyard International (GSI), concludes a USD 100 million commitment initiated in 2024. The milestone positions ASP—one of Vietnam’s few private shipowning companies—as a regional leader in the accelerating transition to low-emission shipping.
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A Strategic Leap for Vietnam’s Private Maritime Pioneer
ASP’s achievement stands out in a national maritime landscape traditionally dominated by state-owned shipping companies. Founded by a group of seasoned captains, officers, and shore experts, ASP has leveraged its privately owned structure to modernize at a pace rarely seen in Vietnam’s shipping industry.
The two MR2 tankers form the cornerstone of ASP’s ambitious 2024 pledge to acquire 20 newbuilds, a fleet expansion plan that immediately elevates the company’s international presence.
To ensure global-standard quality and compliance, ASP became the first Vietnamese shipping company to sign technical management partnerships with Anglo-Eastern and Fleet Management in 2024—two of the world’s most respected ship management organizations. These partnerships ensure the new methanol-ready tankers are operated to the highest global standards.
“Putting these new tankers into operation, which are capable of running on both traditional fuel and methanol, enables ASP to become the pioneer in Vietnam to own a fleet capable of using clean fuel. This technology not only offers maximum operational flexibility but also makes the vessels significantly friendlier to the environment.”
Methanol: The Optimal Fuel for Future Global Compliance
ASP’s adoption of methanol dual-fuel technology is a direct response to tightening international environmental regulations, including:
- the IMO’s Carbon Intensity Indicator (CII)
- the Energy Efficiency Existing Ship Index (EEXI)
- and global mandates such as FuelEU Maritime
The 49,500-DWT MR2 class, designed by GSI, is prized in global product and chemical trades, markets where emissions performance increasingly determines charter competitiveness.
Environmental and Regulatory Advantages of Methanol Dual-Fuel Engines
- Near-zero SOₓ and PM: When operating on methanol, MAN B&W dual-fuel systems virtually eliminate sulphur oxides and particulate matter.
- Significant NOₓ reduction: Nitrogen oxide emissions fall by up to 60%, supporting compliance with IMO Tier III limits.
- A pathway to net-zero: While grey methanol provides immediate CO₂ reductions, the vessels are designed to seamlessly shift to green methanol (bio- or e-methanol) as supply scales in the coming years.
This forward-compatible fuel architecture provides ASP with both regulatory resilience and commercial advantage.
A Symbol of Sino–Vietnamese Maritime Collaboration
The successful delivery highlights the close partnership between:
- Asia Pacific Shipping Company Limited (ASP) — owner
- Guangzhou Shipyard International (GSI) — shipbuilder
- CSSC (Hong Kong) Shipping Company Limited — financial partner
The project was completed ahead of the originally forecast timeline (early 2026), underscoring GSI’s growing reputation for delivering complex dual-fuel vessels efficiently.
The initiative aligns with Vietnam’s national 2050 Net Zero roadmap, which prioritizes cleaner transportation networks and higher-value maritime capabilities. By adopting dual-fuel methanol tankers, ASP is directly contributing to the modernization of Vietnam’s shipping standards and its standing in international maritime trade.
With delivery completed, ASP RAINBOW and ASP SUNSHINE are now set to enter service—strengthening ASP’s regional presence and advancing Southeast Asia’s transition toward low-emission shipping.
About Asia Pacific Shipping (ASP)
Asia Pacific Shipping (ASP) is one of Vietnam’s few wholly private shipowning and management companies, founded by experienced maritime professionals seeking to operate within a more flexible legal and commercial framework. This agility has allowed ASP to modernize rapidly and meet stringent international requirements across dry bulk, oil, and chemical tanker markets.
Beginning with bulk carriers and expanding into tankers in 2022, ASP strengthened its operational capability in 2024 by becoming the first Vietnamese company to partner on technical management with Anglo-Eastern and Fleet Management, a significant step toward global-standard operations.
Historic 2024 Commitment and Fleet Modernization Strategy
In 2024, ASP announced a bold and historic plan to invest in 20 newbuild vessels, including the dual-fuel methanol MR2 tankers ASP RAINBOW and ASP SUNSHINE.
This fleet upgrade—one of the most ambitious in Vietnamese private shipping history—signals ASP’s long-term strategy to:
- expand its footprint in regional and global tanker trades
- align with international decarbonisation pathways
- and establish itself as a leading force in Vietnam’s green maritime transition
The deployment of these two methanol-enabled MR2 vessels marks the realization of a long-standing vision by the company’s founders and strengthens ASP’s trajectory toward becoming a dominant player in sustainable tanker operations.
Source: Asia Pacific Shipping