Pacific Basin Shipping has ordered four ultramax bulkers that will be dual-fuelled with methanol.
The owner-operator has also signed a memorandum of understanding with Mitsui & Co for volumes of green methanol for the vessels, which will be built in Japan for delivery in 2028 and 2029.
Two of the four 64,000-dwt newbuildings will be contracted jointly with Nihon Shipyard and Imabari Shipbuilding.
The other pair has been contracted with Mitsui & Co.
All four ships will be built to a design by Nihon Shipyard that Pacific Basin said will be “optimised for fuel economy”.
Pacific Basin has been considering its next investment in alternatively fuelled vessels for two-and-a-half years.
CEO Martin Fruergaard said: “Ordering these vessels aligns with our long-standing initiative to develop commercially viable and efficient dual-fuel low-emission vessels, and represents a major milestone in our long-term plan to transition to net zero emissions by 2050.”
Extra upgrades will be made to enhance the vessels’ operational capabilities and safety features.
The shipowner said it is talking to several unnamed green fuel suppliers and producers to develop its access to bio-methanol and e-methanol, as well as biofuel (biodiesel).
“We are confident that the vessels’ design, specification and quality will meet our cargo customers’ requirement for safe, reliable and low-emission transport well into the future,” Fruergaard said.
“Additionally, these dual-fuel vessels offer the fuel flexibility to optimise, comply and compete — and accelerate growth for Pacific Basin — in what will be an increasingly challenging regulatory environment and market.”
Pacific Basin will continue its long-term growth strategy using its strong balance sheet and cash flow, he added.
This could include placing further orders or taking newbuildings on long-term charters with purchase options.
The company will maintain “discipline” in buying high-quality modern secondhand handysize, supramax and ultramax bulkers to renew its fleet, while selling older and less efficient handysizes, he added.
