Last week saw significant developments in the dry bulk carrier sector, highlighted by the arrival of Kamsarmax dual fuel vessel powered by methanol as well as ongoing corporate maneuvers.
Philippines Launches First Methanol Dual-Fuel Bulk Carrier
Tsuneishi Heavy Industries Inc (THI), the Philippine manufacturing base of Japanese shipbuilder Tsuneishi Shipbuilding Co Ltd, celebrated a significant achievement on January 15th when they delivered the world's first methanol dual-fueled Kamsarmax bulk carrier, celebrating this event with an official naming and delivery ceremony attended by Philippine President Bongbong Marcos highlighting its national significance.
This vessel marks an impressive achievement in eco-friendly shipping technology, demonstrating Filipino craftsmanship and competitiveness in the global maritime industry. Furthermore, its delivery highlights how increasingly capable Filipino shipyards have become at producing advanced alternative fuel vessels to meet increasingly stringent environmental regulations.
Genco Rejects Diana Shipping Takeover Bid
Genco Shipping & Trading Limited rejected Diana Shipping Inc.'s non-binding cash takeover proposal of $20.60 per share with execution risks on January 13 as it significantly undervalued and threatened execution risks, according to independent counsel's advice. Its board unanimously disregarded it.
A dispute has escalated into a takeover battle between Genco and Diana as both have expressed interest in taking over each other's dry bulk operations. A combined entity would comprise approximately 80 vessels and 9 million dwt; Genco would focus on Capesize and Newcastlemax segments while Diana highlighted their younger fleet including dual fuel orders for Methanol/Dynamite (methanol DFO).
Genco announced its acquisition of two Newcastlemax vessels built in 2020 with 208,000-dwt scrubber capacity for $145.5 million each, expected to arrive by Q1 2026 and funded through cash and credit facilities.
Bangladesh Shipping Corporation Secures Bulk Carrier Purchase
Bangladesh Shipping Corporation (BSC) recently selected Hellenic Dry Bulk Ventures LLC of the US for delivery of two 55,000-66,000 dwt bulk carriers worth $76.698 million (Tk935 crore). This marks BSC's inaugural self-financed acquisition, with deliveries scheduled between September and November 2026.
BSC currently has four vessels under construction in China that feature modern, eco-friendly technology and are nearly complete, increasing BSC's capacity by 120,000 dwt. Three more government-backed purchases are planned before mid-2026 to reach their 10-vessel fleet goal fueled by record profits of Tk249.69 crore achieved during FY2023-24.
Other Notable Bulk Carrier Developments
Western Bulk returned to ownership with a minority stake in 2020-built Kamsarmax CSSC Shi Jia Zhuang (renamed Western Egda), alongside Norwegian partners. Efnav ordered six Kamsarmaxes at Hengli Heavy Industry as part of its first expansion since 2014.
On January 9th in Ukraine, two foreign bulk carriers were hit in Odessa and Chernomorsk ports, according to reports by Deputy Prime Minister Kuleba, amid regional tensions. These events demonstrate the unpredictable market with fleet renewals, mergers, geopolitical risks, etc.