The HyMethShip project (Hydrogen-Methanol Ship propulsion using on-board pre-combustion carbon capture) is a cooperative R&D project funded by the European Union’s Horizon 2020 research and innovation program. The project aims to drastically reduce emissions while improving the efficiency of waterborne transport. The HyMethShip system will achieve a reduction in CO2 of up to 97% and practically eliminate SOx and particulate matter emissions. NOx emissions will fall by over 80 %, safely below the IMO Tier III limit. In this study the HyMethShip concept is introduced and various aspects of the concept development are discussed. Additionally, some issues that might accelerate or hinder the concept application for commercial shipping are presented.