Agricore Shipping accelerates dry bulk growth with S&P and newbuilding deals

Shipping data platforms show Agricore recently acquired 81,257-dwt, 2019-built Kamsarmax bulk carrier ASL Planet, delivered to its fleet at the end of 2024. Asian shipbrokers reported in December that the vessel, formerly known as Knut Oldendorff, changed hands for approximately US$32.5M. This aligns closely with current market estimates from multiple shipbroking houses, which value a five-year-old Kamsarmax at US$33.0–34.0M.

This acquisition stands out as one of the few S&P transactions involving modern vessels of this size reported in recent months. Greece’s Allied Shipbroking highlighted the average age of Panamax/Kamsarmax vessels sold in 2024 remained at 13 years, similar to 2023 levels.

Newbuilding boost

Agricore Shipping has been equally active in the newbuilding sector, disclosing an order for two 215,000-dwt Newcastlemax bulk carriers at an undisclosed Asian shipyard on its website. The vessels are scheduled for delivery Q2 2026.

Shipbroking sources estimate the construction cost for a Newcastlemax at around US$80.0M, based on recent orders placed in 2024.

This latest newbuilding deal, which has flown under the radar, increases Agricore’s orderbook to eight vessels, according to data on its website. The company’s current newbuilding programme includes two Kamsarmax bulk carriers at Chengxi Shipyard, scheduled for delivery by Q4 2026, and four Ultramax bulk carriers at Jiangsu New Hantong Ship Heavy Industry, which are set to enter operation gradually until Q3 2027.

Fleet profile

Founded in Hong Kong in 2016, Agricore Shipping has established itself as a significant player in the dry bulk market. The company focuses on shipowning, technical management and equity investment, leveraging strategic S&P activity to expand its fleet.

Agricore’s fleet has grown considerably in recent years, with a particular focus on Panamax/Kamsarmax and Capesize vessels. Riviera estimates Agricore acquired at least four new vessels, primarily Capesize bulk carriers, in 2024, in addition to the ASL Planet. According to its website, the company now operates a fleet of 22 vessels, including those under construction.