Ultrabulk, a prominent global dry bulk operator, boasts a rich history with over 25 years of active engagement in Japan. As the dry cargo division of Ultranav, a significant and diversified shipping group, Ultrabulk continues to navigate the seas of success with a steadfast commitment to serving its clients. Bridges recently had the privilege of speaking with Ultrabulk CEO Hans-Christian Olesen.
Bridges: What are the key factors driving Ultrabulk’s success?
Olesen: Our philosophy is that we are here to serve our clients — we are operators, not speculators. Seventy-five percent of our fixtures are voyage fixtures and only 25% are time charter-related, so we need to provide high-quality vessel service to our industrial customers.
A dedicated staff, new strategic initiatives and a risk-management focus are the basis for a stable business platform and sustainable future growth in an otherwise volatile shipping market.
How has Ultrabulk strategically engaged with the Japanese market, and what role does it play in your overall strategy?
We consider our ties with Japan strong and rewarding. And since 2005, we have received 78 new buildings from Japanese shipyards. There are, of course, other sources for new bulk carriers. But we keep coming back to Japan.
To strengthen our relations with Japan, we decided to open an office in Tokyo last year, and we are truly grateful for the strong support we enjoy from both shipowners and cargo charterers.
Our philosophy is that we are here to serve our clients — we are operators, not speculators. Seventy-five percent of our fixtures are voyage fixtures and only 25% are time charter-related, so we need to provide high-quality vessel service to our industrial customers.
Hans-Christian Olesen, Chief Executive Officer of Ultrabulk
What approach does Ultrabulk take toward sustainability, particularly concerning your ammonia-fueled vessels?
We have 14 new vessels lined up to be delivered from 2024 to 2026, all fitted with modern technology and meeting latest environmental standards. These vessels are all chartered with our long-term partners in Japan.
We are also investing in upgrading and retrofitting the existing fleet. In fact, we have invested more than $3 million in energy-saving devices on vessels that are not our own but are part of the chartered fleet.
And we are in close dialogue with partners to construct a series of ammonia dual fuel bulk carriers for delivery in 2027. We believe blue and green ammonia are attractive alternatives to fossil fuels, as they do not produce any carbon dioxide when combusted, have a higher energy density and are easy to store and transport.
