Bulgarian shipbuilding and shipping group Industrial Holding Bulgaria is said to have joined the newbuilding trend by signing an order for three ultramax bulk carriers in China.
Sources said the company had struck a deal with New Dayang Shipbuilding for two firm 64,000-dwt vessels, with the option of an additional ship.
The deal is believed to be Industrial Holding’s first overseas newbuilding contract.
The shipping company is said to be paying more than $35.5m each for the ultramaxes, or $106.5m in total.
The East European owner owns three bulk carriers, two supramaxes and one handysize vessel built at Bulgaria’s Bulyard Shipbuilding. The average age for the trio is 13 years.
One shipbuilding source close to New Dayang confirmed Industrial Holding’s newbuilding contract, saying the yard is scheduled to deliver the firm newbuildings in 2027.
The duo will be built using New Dayang’s in-house Crown 63-Plus ultramax design, which meets the International Maritime Organization’s Energy Efficiency Design Index Phase 3 standards.
Industrial Holding is said to have picked New Dayang because of the shipyard’s long-established reputation in ultramax and kamsarmax bulk carriers.
The Bulgaria group has been contacted for comment.
According to Industrial Holding’s website, it is a public company and invests in various industries: shipbuilding and repair, port operations, ship classification and machine building among others.
It has been in the shipping industry since 2007.
New Dayang is a state-owned shipyard and the shipbuilding arm of Sumec Marine, a subsidiary of China National Machinery Industry Corp.
It has one large dry dock and one slipway. Its orderbook stands at about 75 vessels, of which ultramaxes make up the bulker of the newbuildings.
The Yangzhou-based shipyard has inked close to 30 ultramax bulker newbuildings this year. Shipping companies that have ordered the ship type include Wak Kwong Maritime, Ciner Shipping, Itochu Corp, Kasuga Kaiun, United Marine Egypt and Chinese leasing companies Huaxia Financial Leasing and China Construction Bank Financial Leasing.
