Gearbulk Secures Deal for Potential Delivery of Four 82,300 DWT Open Hatch Vessels by 2027

Gearbulk has entered into an agreement for the construction and delivery of as many as four ammonia/methanol-ready vessels, each boasting a capacity of 82,300 deadweight tons (dwt) and an open hatch design. The contract is solidified for two vessels initially, with an option to acquire an additional pair. Financing for these vessels has been secured, and they are slated to be delivered by the CSSC Huangpu Wenchong Longxue shipyard, with the first two vessels expected to arrive in the first half of 2027. These orders signify the inaugural phase of Gearbulk's newbuilding initiative, integral to a broader strategy aimed at fleet development and renewal to align with both customer demands and future emission targets.

Kristian Jebsen, CEO of Gearbulk Holding AG, underscores the significance of the contract for four newbuildings, noting that these vessels will be the largest and most efficient in the company's history. He emphasizes that this investment not only improves operational efficiency but also reaffirms Gearbulk's commitment to meeting the evolving demands of global trade. Jebsen expresses pride in this achievement and eagerly anticipates the positive impact these vessels will have on their customers.

The open hatch vessels, prepared for ammonia/methanol use, will feature eight holds/hatches and four electro-hydraulic jib cranes with lifting capacities of 2x 75 metric tonnes and 2x 120 metric tonnes, respectively. In anticipation of future fuel tank installations for alternative fuels, dedicated deck space has been incorporated on either side of the accommodation. With dimensions of 225 meters in length overall and a beam of 36 meters, this cutting-edge vessel design has been labeled as 'Pulpmax'.

These newbuildings not only reinforce Gearbulk's operations but also catalyze the growth and success of G2 Ocean by enhancing cargo handling capabilities and providing greater service flexibility. Moreover, they underscore Gearbulk's dedication to environmental sustainability, featuring technologies aimed at emission reduction and environmental impact mitigation.

Commercial operations of the four new ships will be managed by G2 Ocean, trading alongside newly ordered vessels from Gearbulk's joint venture partner, Grieg Maritime Group. This strategic alignment not only fosters synergy between the fleets but also promotes collaboration, ultimately bolstering G2 Ocean's market position. The vessel design is particularly well-suited for G2 Ocean's long-haul pulp core trades, enhancing overall capacity and the ability to deliver top-tier service to customers.

Gearbulk stands as a prominent figure in the open hatch bulk shipping domain, commanding a formidable fleet of approximately 65 vessels, consisting of open hatch and other specialized vessels. G2 Ocean, in which Gearbulk holds a majority ownership stake, oversees the commercial operations of this fleet.