Safe Bulkers Adds Kypros Island, First Methanol Dual-Fuel Kamsarmax

Greek shipowner Safe Bulkers took delivery of the Kypros Island, its first methanol dual-fuel Kamsarmax bulk carrier, built by Tsuneishi Shipbuilding at its Zhoushan shipyard in China. According to the company, this is the first dual-fuel bulk carrier to join the Cyprus Registry.

The vessel, with a deadweight of 81,200 tonnes, was launched in June. According to Ship Bunker, the delivery was announced by Safe Bulkers in a LinkedIn post, while ports news rusia reported that Tsuneishi Group (Zhoushan) Shipbuilding delivered the Cyprus-flagged bulk carrier in China on October 28, at a ceremony where Cyprus's Deputy Minister of Shipping, Marina Hadjimanolis, christened the vessel, with Safe Bulkers' President and CEO, Polys Hajioannou, in attendance.

The Kamsarmax can run on either methanol or conventional marine fuel. Tsuneishi stated that the use of methanol can reduce nitrogen oxide emissions by up to 80%, sulphur oxide emissions by up to 99%, and carbon dioxide emissions by up to 10% compared to heavy fuel oil. The design incorporates an independent methanol tank at the stern to preserve cargo capacity, along with hull improvements and Tsuneishi's AEROLINE wind resistance reduction technology.

The Kypros Island is part of a two-vessel program agreed between Tsuneishi, Japanese trading house Itochu Corp, and Safe Bulkers in October 2023, which specified that the vessels could run on either methanol or conventional fuel. Safe Bulkers plans to add a second 81,200 dwt methanol dual-fuel Kamsarmax in January 2027, according to ports news rusia, while Ship Bunker noted that the company plans to add another dual-fuel unit next year.

According to data from classification society DNV cited by Ship Bunker, 161 methanol-powered vessels are currently operating worldwide, of which 94 are container ships and 43 are oil and chemical tankers, while bulk carriers still represent a small portion of that fleet. Ports news rusia added that the delivery of the Kypros Island expands the Chinese shipyard's experience in methanol-fueled shipbuilding beyond container ships, as it had previously built four 5,900 TEU methanol dual-fuel container ships, and that Tsuneishi also completed a methanol dual-fuel Kamsarmax at its Philippine operation.

Xinde Marine News reported that, despite the delivery of more efficient vessels, Safe Bulkers CEO Polys Hajioannou urged shipowners to moderate new vessel orders and prepare for a market correction, invoking the experience of 2007-08 during the Capital Link forum in Shanghai on October 20. The outlet noted that, according to second-quarter results published in July, Safe Bulkers agreed to acquire five Kamsarmax bulk carriers and one Capesize during the first half of 2026, with deliveries scheduled between 2028 and 2029, and that as of July 24 its pending orderbook comprised 10 vessels, including two methanol dual-fuel Kamsarmaxes.