Newbuilding order for two Kamsarmax bulk carriers

Bernhard Schulte signed a contract for two new Kamsarmax dry bulk carriers in August 2021. This order marks the first contract for new dry bulk vessels placed by Bernhard Schulte since the 2018 order of two F-class Handysize bulk carriers. The ships will be built by Shin Kurushima Sanoyas Shipbuilding in Japan and delivered during Q2 and Q3 2023. Our long-term partner Mitsui & Co. serves as the contractor between Bernhard Schulte and the shipyard. The investment decision was driven by an optimistic market outlook, the current low orderbook and a hedge against slow progress on alternative fuel uptake in the dry bulk fleet. Bernhard Schulte expects a long-term market recovery, as the dry bulk fleet growth can be expected to be moderate according to the current orderbook, which makes up 7% of the current fleet (in comparison the containership orderbook is at 23.2% of the current fleet).

The newbuildings complement and diversify Bernhard Schulte's existing fleet of 12 bulk carriers, including two Ultramax, five Supramax, four Handysize and one Self-Discharging bulker. The new vessels will be Tier III compliant according to MARPOL Annex VI’s framework to reduce the shipping industry’s nitrogen oxides (NOx) emissions. Further, they will obtain an Energy Efficiency Design Index (EEDI) of Phase 3 and thereby comply with the latest IMO regulations applicable as of 2025. Therefore, the new ships will not only add more capacity to Bernhard Schulte’s dry bulk fleet but support a more sustainable, fuel-efficient way of shipping and therefore strengthen our fleet’s future competitiveness.

“After several investments in the Bulk Carrier segment in recent years, we continue to believe that this sector holds viable investment opportunities and will maintain favourable market fundamentals. With our order for these conventionally propelled yet very economic vessels we take a bet on a multi-fuel future, where tramp ships will inevitably have to rely on widely available fuels. Given the design’s features, especially regarding fuel economy, we believe that charterers will soon reach out to us to get their hands onto our two Kamsarmaxes,” says Johann Schulte, Chief Commercial Officer at Bernhard Schulte.

Kamsarmaxes are predominantly designed for operations from the port of Kamsar in Guinea, Africa. Vessels of this class have a deadweight of between 80,000-85,000 tons, an overall maximum length of 230 m and beam of 32.25 m. They are considered the ‘work horses’ within the gearless dry bulk trades. The two 81,700-dwt ships ordered by Bernhard Schulte will be mainly used to transport materials such as coal, grains, bauxite, iron ore and alumina.