Atlantska Plovidba is forging ahead with fleet renewal through an order in China.

It said it will sign a contract for two 63,500-dwt ultramax bulkers at Jiangsu Hantong Ship Heavy Industry.

The combined price is $65m, with delivery set for 2026, a filing revealed.

The Zagreb-listed shipowner said the aim is to modernise the fleet.

Dubrovnik-based Atlantska controls 14 kamsarmax, supramax and handysize bulk carriers, but this will be its debut in the ultramax class.

Two ships are owned, while eight are leased and chartered back, with a further three kamsarmaxes on order at Jiangsu New Hantong.

The company sold a fourth ship in the series for €35m ($38m) last year.

Atlantska reduced its net loss in the fourth quarter to €12.7m, against €22.4m the year before.

Revenue dropped to €13m from €20.9m, however.

The company is now controlled by listed compatriot Tankerska Plovidba, which amassed a 64.11% stake through a takeover offer earlier this month.

Potential acquisitions to be explored

Tankerska acquired 523,534 shares, representing a 25.01% chunk of Atlantska, according to a bourse filing.

Tankerska launched the $75m offer in January at €53.60 per share for the 60.9% interest it did not already own.

Atlantska managers had backed the deal, saying they agreed with Tankerska’s strategic plans.

Tankerska said it would prioritise reinvesting earnings and exploring potential acquisitions within the core dry cargo business.

A combination of the two Zagreb-listed Croatian companies would create a unified fleet of 32 tankers, bulkers and ferries.