GOGL welcomes into the fleet two ECO-type, dual-fuel-ready Kamsarmaxes

Norway-based dry bulk shipping company Golden Ocean Group Limited (GOGL) has taken delivery of the first two out of ten ECO-type dual-fuel ready Kamsarmax newbuildings, built by China’s Dalian Shipbuilding Industry Corp.

The two bulkers, each with 85,000 dwt, have been named Golden Star and Golden Lion.

The company said that the construction process of both Golden Star and Golden Lion was a remarkable feat, with each vessel requiring approximately 280 days from start to delivery. The construction teams, consisting of an average of 440 individuals per day, dedicated a staggering one million working hours to ensure the ships’ successful completion.

To construct these magnificent vessels, a total of 11,200 tons of steel was utilized, forming the sturdy framework of their hulls, cargo holds, decks, and accommodations. Additionally, a substantial quantity of 220,000 liters of paint was applied, giving the ships a sleek and vibrant appearance.

GOGL is set to take delivery of five Kamsarmax newbuilds from the series this year, followed by the remaining five in 2024.

As ECO-type dual-fuel ready vessels, they possess the flexibility to operate on different types of fuel, reducing emissions and promoting cleaner energy practices.

“In 2023 and 2024, we anticipate receiving ten ECO-type dual-fuel ready Kamsarmax newbuildings that will be equipped with the latest and most efficient propulsion systems. This will give us the flexibility to evaluate propulsion options as future emissions-related regulations and technology continue to advance,” GOGL said in its ESG report for 2022.

Ulrik Andersen, CEO of Golden Ocean Group, believes that decarbonization and profitability go hand in hand. With ambitious emission reduction targets set in 2021, GOGL aims to achieve net-zero emissions by 2050, when compared to its 2019 baseline.

In Andersen’s words, decarbonization will reshape the traditional ship-owning model, impacting various aspects such as cost of capital, asset prices, customer preferences, and regulatory compliance.