CSL and Algoma place joint 4+2 order for methanol-fuelled bulkers

The first vessel delivery is scheduled for July 2025, beginning with an Algoma ship. The subsequent deliveries are expected every three months. The order includes an option for a further two vessels. Two of the newbuildings have been ordered by Algoma and the remaining two by CSL. 

The design for the 72,250 dwt newbuildings was developed jointly by the partners and is expected to become the basis for a new generation of self-unloading ocean bulkers. The investment represents the next step in Algoma’s modernisation policy, after the investments in gearless and subsequently self-unloading Lakers based on its Equinox bulker concept since 2013.

The newbuildings will replace the three oldest vessels in the Pool operated by Algoma and CSL, and will swell the overall fleet size to 19. 

The new ship design exceeds EEDI Level III requirements and is powered by Tier 3 engines. The vessels are expected to be 40% more efficient than the ships they will replace owing to a combination of fuel efficiency and optimised cargo lift.

“This joint order represents our long-term commitment to serving our customers safely and sustainably with our ocean-going Pool of ships,” said Louis Martel, President and CEO of CSL. “Designed with efficiency and versatility in mind, these new vessels will have the advantage of being interchangeable and able to adapt to any trade and operating condition.”

“We are reinvesting with confidence in a business segment that has performed well for us for many years, alongside our long-term partner, and with YAMIC, a shipyard having a proven track record for quality construction and on-time delivery of these specialized assets,” said Gregg Ruhl, President and CEO of Algoma. “The teams at Algoma and CSL combined their decades of experience in this space to design the optimum ship for the Pool trades, while simultaneously taking yet another leap forward in reducing our carbon footprint.”