Diana methanol buker

Diana Shipping seals deal on methanol-powered Kamsarmaxes

Greek shipowner Diana Shipping is doubling down on its commitment to methanol as part of its fleet renewal investments.

Illustration; Image credit: Tsuneishi Shipbuilding

The company revealed on Wednesday that it has signed shipbuilding contracts for two 81,200 dwt methanol dual fuel Kamsarmax dry bulk vessels, worth $46 million each.

This strategic move follows the company’s earlier disclosure in September 2023, when Diana inked a letter of intent for the two newbuilds. The vessels are slated to be constructed at Tsuneishi Group (Zhoushan) Shipbuilding Inc., China, and are anticipated to join Diana Shipping’s fleet by the second half of 2027 and the first half of 2028.

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The Kamsarmax vessels are designed to align with stringent energy efficiency standards outlined in the Energy Efficiency Design Index (EEDI) Phase 3, and the NOx-Tier III regulations set by the International Maritime Organization (IMO).

A notable feature of these vessels is their dual capability to operate on either methanol or fuel oil interchangeably. When fueled by sustainable methanol, the vessels are engineered to produce nearly zero Greenhouse Gas (GHG) emissions, as per the well-to-wake fuel life cycle assessment methodology, Diana said.

Diana Shipping’s fleet encompasses 39 dry bulk vessels. The total carrying capacity of the fleet, including the soon-to-be-delivered vessels, stands at approximately 4.5 million dwt, with a weighted average age of 10.65 years.