ORIX contracts Tsuneishi to build methanol-fueled Kamsarmax bulkers

Japanese shipbuilder Tsuneishi Shipbuilding has received a new order from compatriot financial services company ORIX Corporation to construct two methanol dual-fuel Kamsarmax bulk carriers.

ORIX revealed the shipbuilding contract on July 8, stating this was the first time that the company had ordered methanol-fueled ships. In addition, ORIX has ordered one bulk carrier from Oshima Shipbuilding.

The methanol dual-fuel Kamsarmax duo will be built at Tsuneishi Group’s Zhoushan shipyard. According to ORIX, the ships will emit approximately 15% less CO2 and reduce emissions of sulfur oxides by approximately 95% compared to conventional ships built by the Japanese shipyard.

Oshima Shipbuilding will construct the third bulk carrier at its Koyagi shipyard.

All three ships will be compliant with EEDI Phase 3 (30% reduction from the standard value) which will be applied to new vessels starting from 2025 and can be expected to lower environmental impact, ORIX said.

In February 2024, ORIX acquired all issued shares of shipping company Santoku Senpaku with an aim to expand asset management services for ships owned by third parties and contribute to the decarbonization of the entire maritime industry by acquiring expertise on the operation management of environmentally friendly ships, including methanol-fueled ships.

The latest contract adds to Tsuneishi Shipbuilding’s order book which already includes methanol dual-fuel Kamsarmax dry bulk vessels and methanol-fueled containerships.

The Japanese shipbuilder aims to exclusively produce dual-fueled vessels by 2035, transitioning away from ships equipped with crude oil-based engines.