methanol powered tanker

OceanPal becomes partner in a deal for methanol-ready tanker newbuilding pair

Nasdaq-listed shipowner OceanPal Inc. announced that it is investing in a Norwegian entity, RFSea Infrastructure II AS, that will construct two methanol-ready, stainless steel chemical tankers.

The two 600 dwt chemical tankers, ordered under two separate contracts, will be built at China’s Wuhu Shipyard Co.

The ships are expected for delivery during the fourth quarter of 2025 and the first quarter of 2026, respectively. The transaction remains subject to the satisfaction of customary closing conditions.

The OceanPal said that the move saw the company partner with an unnamed private London-based alternative investment and commercial management firm focusing on the maritime industry and other partners and investors. Fearnley Securities AS acted as the project arranger.

“We are pleased to invest in these state of the art, methanol-ready chemical tankers, in a chemical tanker market where we believe the fundamentals will improve in the next several years,” Robert Perri, CEO of OceanPal Inc. said.

“In addition, this investment will improve our environmental footprint, as these newbuildings are expected to be 20-25% more fuel efficient than conventional chemical tankers.”  

The Athens-based company has a fleet comprising five dry bulk vessels, 3 Panamax and 2 Capesize bulkers.

OceanPal’s fleet is managed by both Diana Wilhelmsen Management Limited and Steamship Shipbroking Enterprises Inc.