Privately-owned Chinese yard New Times Shipbuilding is poised to ink an order for up to 12 dual-fuel newcastlemaxes worth close to $820m.
Industry sources said negotiations are progressing on four firm vessels of 210,000-dwt and options for an additional eight ships, which are being discussed with New Times under the code name Project Himalaya.
The sources described the project to be at the “final-stage” of discussions, with an official contract signing due to take place soon.
The delivery dates for the firm vessels are set for the first half of 2023.
The newbuildings are expected to be priced at around $68m.
TradeWinds is told that the shipowner behind the bulkers has opted for the newcastlemaxes to be fitted with MAN Energy Solutions’ high-pressure ME-GI engines.
The newbuildings will be fitted with type-C LNG bunker tanks.
Mystery of the mountains
Several sources following the project in China named Norwegian shipowner 2020 Bulkers — a previous client of the yard where it ordered its first eight scrubber-fitted vessels four years ago — as the company behind the newbuilding talks with New Times.
But 2020 Bulkers managing director Magnus Halvorsen said this is not correct.
"2020 Bulkers is not involved in any newbuild projects whatsoever," Halvorsen said. "We are focused on paying as much dividends as possible from running our existing fleet."
Shipbuilding players said it is unclear if the bulkers under negotiation at New Times are being lined up for specific charter business.
They said several mining companies are lining up to charter dual-fuel ships but did not link these vessels to any individual requirements.
Bulker love
There is something of an ongoing crush developing on LNG-fuelled bulker tonnage.
Last week, TradeWinds reported that New Times was one of two shipyards set to scoop another clutch of 12 LNG-fuelled newcastlemax orders being floated under the name Project Orion.
These vessels are being lined up for long-term charters offered by mining giant Rio Tinto.
Discussions are in play with shortlisted shipowners for the three firm and three optional yard berths at both New Times and Qingdao Beihai Shipbuilding Heavy Industry.
Alongside Rio Tinto, Australian miners BHP and Fortescue Metals Group have also opted for dual-fuel newcastlemax tonnage, while UK-headquartered Anglo American has taken the LNG-fuelling route on 190,000-dwt capesizes.
ME-GI propulsion systems, which offer the lowest level of methane slip, have been specified for all of the vessels.
Newbuilding brokers said the set routes for the mining shipments make LNG-fuelling a simpler choice for operators looking to reduce their carbon emissions over vessels with less regular trading patterns as they can lock in bunker supplies at either the load or discharge port areas.
