South Korean shipowner Polaris Shipping has signed a contract with Qingdao Beihai Shipbuilding and China Shipbuilding Trading Co. for the construction of four bulk carriers designed to run on ethanol or methanol.

The four 210,000 DWT Newcastlemax bulk carriers — among the largest size class of dry bulk vessels, typically deployed on long-haul iron ore and coal routes — will be equipped with engines developed by WinGD, capable of operating on methanol, ethanol, or conventional marine fuels, the company announced in a press release.

Polaris intends to use ethanol as the primary marine fuel for the vessels. According to the company, ethanol can reduce greenhouse gas (GHG) emissions by approximately 90% compared to heavy fuel oil. The order comes as the shipping industry faces mounting pressure to decarbonize under International Maritime Organization targets, which call for reducing total annual GHG emissions from international shipping and reaching net-zero emissions close to 2050.

In addition to alternative-fuel engines, the ships will be fitted with rotor sails for wind-assisted propulsion, along with other energy-saving technologies. The vessels will also be suitable for future conversion to LNG or ammonia propulsion — a design flexibility that reflects ongoing uncertainty across the maritime sector about which alternative fuels will ultimately achieve scale and regulatory acceptance.

The order reflects a broader trend among shipowners exploring ethanol as a viable alternative fuel alongside methanol. Ship & Bunker has reported several recent ethanol bunkering operations involving methanol-fuelled container ships operated by A.P. Moller-Maersk and CMA CGM.

Polaris has secured a 25-year transportation contract with Brazilian mining company Vale for the four newbuild vessels, providing long-term revenue visibility for the investment in alternative-fuel technology.