NYK concludes first charter deal for methanol-fueled bulk carrier

NYK Bulk & Projects Carriers, a part of Japanese shipping major NYK, has reached a basic agreement with compatriot Kambara Kisen to time charter a methanol dual-fuel bulk carrier.

The parties concluded the agreement on August 1 for the vessel currently under construction at Tsuneishi Shipbuilding in Japan.

According to NYK, this ship will be the first methanol-fueled bulk carrier operated by the company.

The 200-meter-long 65,700 dwt bulk carrier is scheduled for delivery in spring 2025.

The vessel has a dual-fuel main engine that can use both methanol and fuel oil with bio-methanol and e-methanol, which are produced using hydrogen derived from renewable energy sources and recovered carbon dioxide, expected to be the primary fuels.

With the largest loading capacity of an Ultramax bulker, the vessel will have a general-purpose hull that can transport various cargoes, including grain and ore.

Kambara Kisen also has a similar time charter agreement with MOL’s subsidiary MOL Drybulk for a methanol-powered bulk carrier ordered in September 2023. This vessel is slated for delivery in 2027.

On the other hand, using low-carbon methanol as fuel, NYK aims to reduce greenhouse gas (GHG) emissions, promote the decarbonization of its fleet, and realize clean transportation.

With this goal in mind, NYK recently joined forces with the Maritime and Port Authority of Singapore (MPA) to promote the safe use of marine fuels such as biofuels, methanol, and low or zero-carbon ammonia through a phased approach.