Agricore Shipping has again turned to the shipbuilding market to expand its fleet.
The Chinese-owned, Hong Kong-registered company has struck a deal with Jiangsu New Hantong Ship Heavy Industry for four 63,500-dwt bulk carriers.
TradeWinds was unable to reach Agricore for comment, but a source close to the deal confirmed the contract.
Although the price was not disclosed, brokers suggested that they would cost between $34m and $35m each.
Jiangsu Hantong will deliver them from the second half of 2026 and into 2027.
The design was developed by Shanghai Merchant Ship Design & Research Institute. The vessels will be built to the International Maritime Organization’s Tier III NOx standards.
This is Agricore’s second newbuilding project since the shipowner and operator was formed in 2016.
It signed its first newbuilding contract in June 2023, ordering two kamsarmax bulk carriers at Chengxi Shipyard for delivery in 2026.
Agricore is said to be paying close to $36m each for the non-scrubber-fitted 83,000-dwt pair, which will be powered by conventional fuel and built to the IMO’s Tier III NOx standards.
Agricore Shipping is part of the Agricore Group, known in China as the Lianghe Group. It is headquartered in Qingdao and has offices in Shanghai, Hong Kong and Singapore.
Agricore is said to have turned shipowner in 2018 by acquiring a secondhand vessel, and has been active in the sale-and-purchaser market as a buyer and a seller.
VesselsValue shows it bought 14 secondhand bulkers between 2018 and the end last year. Four are capesizes, two are supramaxes and the rest are between 76,000 dwt and 93,200 dwt.
The company has continued its buying spree, acquiring three capesizes so far this year.
The 169,100-dwt Genco Commodus (built 2009) was acquired from Sinokor Merchant Marine for $22.5m and renamed ASL Loong.
This was followed by the purchase of Thenamaris’ 177,800-dwt Seamate (built 2010) for $26m. The Shanghai Waigaoqiao-built bulker has been renamed ASL Sun.
Last month, Agricore spent $35.75m to buy Belgian shipowner Ebe’s Imabari-built, 181,400-dwt El Grasso (built 2012). It has yet to take delivery.
It has also been quick to take advantage of rising markets to make strategic asset plays, with many of its secondhand acquisitions since sold on to other companies.
VesselsValue lists Agricore with two capesizes and two panamaxes on the water.
