Methanex Corporation reports developments tied to its global methanol production, marketing and distribution business. The company supplies methanol to customers in Asia Pacific, North America, Europe and South America, with production sites in Canada, Chile, Egypt, New Zealand, Trinidad and Tobago, and the United States.
Recurring news covers methanol production volumes, realized pricing, quarterly and annual operating results, cash dividends, balance-sheet actions, shareholder meeting results, board governance and sustainability reporting. Company updates also include low-carbon methanol market development and biomethanol fuel-supply initiatives for marine and industrial uses.
Methanex Corporation (NASDAQ:MEOH) announced that its Titan methanol facility in Trinidad will remain idled indefinitely due to unsuccessful negotiations for a longer-term natural gas agreement. Consequently, the company will restructure its Trinidad operations and reduce its workforce by approximately 60 positions. Despite this, the Atlas facility continues operation, supported by its own gas supply agreement. CEO John Floren reaffirmed Methanex's commitment to Trinidad and hopes to secure a future gas agreement. The company focuses on managing costs while maintaining its global production capacity.
Waterfront Shipping has announced the addition of eight new methanol dual-fuel vessels to its fleet, enhancing its commitment to efficient and environmental-friendly marine transportation. The vessels, built in South Korea, will optimize engine performance and are designed to comply with stringent emissions regulations. With this order, approximately 60% of the fleet will be powered by methanol, known for reducing CO2 emissions by up to 15% compared to conventional fuels. This move is part of a broader strategy to support the marine industry's transition to cleaner fuels.
Methanex Corporation (NASDAQ: MEOH) has declared a quarterly dividend of US$0.0375 per share, to be paid on December 31, 2020. Shareholders of record as of December 17, 2020 will receive this dividend. Methanex is recognized as the largest global producer and supplier of methanol, trading on the Toronto Stock Exchange (MX) and NASDAQ. This dividend declaration reflects the company's ongoing commitment to return value to its shareholders.
Methanex reported a net loss of $88 million for Q3 2020, compared to a loss of $65 million in Q2 2020. Adjusted EBITDA rose to $40 million from $32 million, driven by improved methanol prices and demand. Total sales volume was 12,678 thousand tonnes, with an average realized price of $3217 per tonne. The company issued $700 million in senior unsecured notes and repaid $200 million on its revolving credit, while enhancing liquidity to $1.2 billion. Production decreased to 1,372 thousand tonnes due to maintenance and gas delivery issues. A planned maintenance at plants and a debottlenecking project are underway to increase capacity.
Methanex Corporation has announced a senior unsecured notes offering, totaling US$700 million with a 5.125% interest rate, maturing on October 15, 2027. The offering is set to close around September 22, 2020. Proceeds will be utilized for repaying existing 5.25% notes due March 1, 2022, and to support maintenance capital expenditures and working capital. The notes are underwritten by notable banks, including J.P. Morgan and BMO Capital Markets.
Methanex (NASDAQ: MEOH) announced a senior unsecured notes offering to raise funds primarily for debt repayment and general corporate purposes. The offering aims to redeem $250 million of existing 5.25% unsecured notes due March 1, 2022. J.P. Morgan Securities LLC and other banks are managing the offering, which is conducted under a public registration statement. As the world's largest methanol producer, Methanex remains focused on maintaining financial stability through these initiatives. Future performance and market conditions may impact their plans.