Drewry reports that 19 methanol/ethanol-capable dry bulk vessels were on order by September 2026, although costs, fuel availability and regulatory uncertainty continue to complicate investment decisions.
Much of the growth is linked to Vale’s programme for up to 30 fuel-flexible ore carriers, with shipowners securing long-term employment with the miner.
Pacific Basin took a different approach, replacing four planned methanol dual-fuel Ultramax vessels with conventional ships. This reduced the reported programme cost from $186 million to $156.8 million, while retaining options for two dual-fuel vessels. Uncertainty over the IMO’s Net-Zero Framework partly informed the decision.
Methanol retrofits are attracting interest, but high prices and limited supply restrict fuel use. Alternative fuels supplied 9.5% of shipping’s energy demand in 2025; methanol accounted for just 0.3% of alternative-fuel consumption.
In October 2026, Maersk Halifax bunkered approximately 5,000 tonnes of certified bioethanol in Singapore.
For bulk carriers, changing routes make widespread bunkering availability particularly important. Drewry says expanding fuel networks, lower alternative-fuel prices and rising carbon costs could change competitiveness. Charterers seeking lower Scope 3 emissions may increasingly favour vessels offering fuel flexibility and stronger emissions performance, influencing employment opportunities and long-term commercial value.