Greece’s Eastern Mediterranean Maritime, better known as EastMed, has ended a decade-long bulker order drought by signing up for a series of ultramax newbuildings at Nantong Xiangyu Shipbuilding & Offshore Engineering.
The Thanassis Martinos-controlled company confirmed it had ordered four 63,500-dwt bulker newbuildings.
The vessels are due for delivery between March and September 2026 and currently feature Hull Nos XY151 through to 154.
The Greek owner is said to be paying below $34m for each of the Sdari-designed bulkers.
EastMed last ordered bulkers in 2014 when it contracted a trio of 60,400-dwt ultramaxes at Japanese shipyards.
The company did acquire another three bulker newbuildings in 2015 and 2017, but these were resale deals of tonnage ordered by other players.
The company’s return to the bulker newbuilding market seems to be in line with moves made by other Greek players such as George Procopiou, George Economou and Polys Hajioannou.
These owners, who have embarked on much larger newbuilding programmes, have decided to renew their fleets with conventionally fuelled vessels rather than wait for more advanced low-carbon designs to become available.
Another Greek company rumoured to be placing bulker newbuildings this week is Chandris (Hellas)-controlled Century Bulk Carriers, with a pair of ultramaxes due for delivery in 2026 from Nantong Cosco KHI Ship Engineering (Nacks).
Angelakos (Hellas) is reportedly in talks with Dalian Cosco KHI Ship Engineering (Dacks) for a trio of kamsarmaxes due 2026 at $39m each.
As far as EastMed is concerned, the company is not just ordering newbuildings but has stepped up its bulker game on the secondhand scene as well.
In what were his first bulker buys after nearly three years, the company acquired two ultramaxes from Grindrod Shipping, as TradeWinds reported.
The company also emerged in August as the new owner of the 83,500-dwt Santa Cruz (built 2011) — a kamsarmax previously controlled by Mitsubishi UFJ Lease.
Nantong Xiangyu on a roll
Shipbuilding players following Nantiong Xiangyu’s newbuilding activity said the Jiangsu-based shipyard has been busy signing other orders as well.
“Nantong Xiangyu has increased its shipbuilding capacity as it has rented slipways and a dry dock from Sainty Shipbuilding (formerly Sainty Marine),” said one broker. The shipbuilder is constructing ultramax bulk carriers at the rented facility.
At the recent Marintec China conference, Nantong Xiangyu general manager Qin Weimin told TradeWinds that his company is concentrating on stainless steel chemical tankers, ultramax and kamsarmax bulk carriers.
“The 63,500-dwt ultramax bulk carrier is the main ship type for our shipyard,” said Qin. “We have delivered 41 ships and will continue to focus on the vessel.”
Nantong Xiangyu takes around seven to eight months to build a 63,500-dwt bulker, Qin said.
“Our company still has slots available for the second half of 2026 … there are several new projects that are under discussion,” he added.
EastMed controls a mixed fleet of 78 vessels consisting of 41 bulkers, 27 tankers and 10 container ships.
The company took delivery of the 2023-built LR2 tankers: the 115,000-dwt Lovely Lady and Nounou from DH Shipbuilding in July and August this year.
It ordered the pair of newbuildings in 2021 at a reported price of $60m per ship. VesselsValue shows the current value of the product carriers to be close to $99m each.
