Pacific Basin Cancels Methanol Vessels Amid Climate Rules Uncertainty
Pacific Basin Shipping, a major operator of dry bulk vessels, has decided to cancel its plans to build four dual-fuel Ultramax newbuilds that were intended to run on green methanol. This decision comes as a result of uncertainty surrounding the global regulatory framework for green fuel transition. Initially, the company had placed an order in November 2024 for these vessels, aiming to align with its zero-emission ambitions. However, the company has now opted to convert the contract into a purchase of four conventional Ultramax newbuilds, with an option for two additional vessels. The financial implications of this decision are significant, as the cost per conventional vessel is $39.2 million, compared to $45.4 million for the methanol ships. The delivery of these vessels is expected between 2028 and mid-2029. 
