On November 19, Proman Stena Bulk signed a construction agreement with China’s Guangzhou Shipyard International (GSI) to build two plus two 49,900 DWT methanol tankers. This represents the first deal signed by the newly-created joint venture between Swedish Stena Bulk and the Swiss-based Proman Shipping. There is a firm order of two newbuilds and the other two selected ships will have hinged on shipowners by May 19, 2020. Furthermore, those vessels are the first batch of mid-range tankers in China as well as a new type of ships powered by methanol for shipbuilding companies at home, according to Proman Stena Bulk.

Both vessels will be fitted with the latest generation of dual-fuel engines and run on methanol. So far, the vessels powered by methanol are available at over 100 ports around the world compared with alternatives such as LNG. And it is emerging as one of the most viable and cost-effective marine fuel alternatives.