Pacific Basin Puts Newbuild Orders on Hold Until Alternative Bunker Clarity Emerges

by Ship & Bunker News Team
Thursday August 4, 2022

Shipping company Pacific Basin is waiting for further clarity on the alternative bunker fuel landscape before ordering more newbuilds.

The firm is evaluating all of the different options before ordering more ships, CEO Martin Fruergaard said in a call with analysts last week.

"If we knew exactly what to order, we would order as soon as possible," he said.

"But the challenge is, of course, that it is probably not the technology on the ships, but it's probably what kind of fuel and the availability of the fuels.

"And one of the first things we're looking at is, of course, to evaluate the available fuels, go through them and figure out which one would be most suitable.

"We have to admit that if we, by 2050, have to be net-zero, we do not have forever to start building ships.

"We of course as a company have the same challenge as the industry in general has at the moment.

"We also had to look at the ships that we have today, and it will likely take some years before we get a new design that is zero emission and the ships that we have or that are in the market today, they will have to be traded for a long time in order to service the customers."

The firm has previously said it is aiming to make ships capable of running on zero-emission fuels the default choice by 2030.