In order to meet the shipping industry's emissions reduction goals, it is imperative to explore and adopt alternative marine fuels. Methanol (or methyl alcohol) is expected to play a large role in the future. However, current regulations limit the attractiveness of methanol as marine fuel due to the inability to use the space around a venting point on deck. Hazardous area zones are installed around fuel tank vapour outlets due to the flammability and toxicity of methanol vapour. Consequently, these areas become very impractical. This thesis investigates the ventilation of the fuel tank vapour below the waterline instead on deck in order to be able to limit/eliminate these areas. Therefore, the main research question is: "What is the concentration of methanol at deck level when methanol is vented below the waterline?" An Eulerian based CFD model and a simple integral model are used to predict the methanol concentration above the waterline. The integral model predicts the gas concentration above the waterline based on the gas flow rate reaching the surface and the radial inflow rate of air. The CFD model tracks parcels (group of bubbles with the same properties) using the force balance in the discrete phase model. Both of the models are successfully validated against experimental data from the "Rotvoll experiment" wherein methane was released at the bottom of a water basin. The CFD model showed strong superiority over the integral model, o.a. due to the lack of gas dissolution in the integral model. The numerical models are applied to the case wherein a mixture of methanol and nitrogen is vented due to an overpressure. The overpressure could be caused by for example the failure of the vapour return line when bunkering or a fire. The bunker tanks are protected by a pressure relief valve, which reduces the overpressure by directing the gases in the bunker tank towards the venting location below the waterline. The flow rate characteristic (pressure - flow rate) of the pressure relief valve determines the rate at which the gases are injected in the water. The gas dissolution showed strong dependence on the departure bubble diameter and the venting depth. Different cases with different initial bubble sizes and different venting depths were simulated. The CFD model showed that in the most critical case (lowest venting depth 0.5m and largest initial bubble size 0.08m) the gas dissolution is large enough such that no methanol vapour reaches the deck of the ship and barge. The subsea venting of methanol-nitrogen vapour proved to be a safe alternative compared to the venting above deck.