ESL Shipping orders four methanol-fuelled handysize bulk carriers

Finnish shipowner ESL Shipping has ordered four new methanol-fuelled handysize bulk carriers from China Merchants Jinling Shipyard.

PHOTO: Model of the methanol-fueled vessels. ESL Shipping

The bulk carriers will be built at China Merchants Jinling Shipyard, with delivery scheduled between the third quarter of 2027 and the first quarter of 2028, the company said.

ESL Shipping has invested approximately EUR 186 million ($203.4 million) in these vessels, it said. The shipowner has the option to expand the order in the future, it added.

The vessels can run on methanol and conventional marine fuels. Ship designer Deltamarin and Sweden's SSPA have designed the vessels and conducted model testing, ESL Shipping said.

“The majority of key equipment, such as powertrain including battery hybrid drive, cargo handling equipment, and many other leading technologies come from European companies,” it added.

Growing interest in methanol

Several shipping companies are investing in methanol-capable ships to include methanol in their future fuel mix. This will boost demand for green methanol as a bunker fuel in the coming years.

According to maritime research consultancy Drewry and Clarksons, based on current orders, the share of methanol-fuelled vessels in the global fleet will rise to 14% by 2026.

The International Chamber of Shipping estimates maritime demand for methanol will grow to 10 million mt/year by 2027, based on the methanol orderbook as of December 2023. With vessel orders steadily rising, this estimated figure could grow higher in the coming years.

By Aparupa Mazumder

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