Angelakos (Hellas) advances fleet renewal with orderbook expansion

In a rare update on its orderbook, the company revealed, via social media, it has ordered eight 82,000-dwt Kamsarmax bulk carriers. Construction is being shared between Chinese shipyards Nantong Cosco KHI Ship Engineering (NACKS) and Dalian Cosco KHI Ship Engineering (DACKS), with deliveries scheduled between 2025 and 2028.

As first reported by Riviera last year, Angelakos had already doubled its three-vessel orderbook with a fresh order. The latest update confirms that expansion and shows the owner has since added another two vessels.

According to the company, a key milestone in the ongoing newbuilding programme was the recent steel-cutting ceremony for a vessel at NACKS, which is slated for delivery later this year.

Kamsarmax vessels continue to be the preferred asset class in both the bulk carrier newbuilding and secondhand markets for Greek owners. Data from Xclusiv Shipbrokers shows the Greek dry bulk orderbook currently stands at 169 vessels, with the Kamsarmax/Panamax segment accounting for 55% of that total.

Phasing out older tonnage

Angelakos’ renewed focus on modern tonnage coincides with the sale of vintage assets. Over the past year, the company has sold three Panamax bulk carriers built between 2002 and 2005.

The vessels – Graecia Universalis, Asia Graeca and Adriatica Graeca – have been renamed Ratga, Dolphin 77 and Yu Xiao 3, respectively, under new ownership.

According to Equasis, Angelakos (Hellas) currently operates a fleet of 12 bulk carriers, including 10 Kamsarmaxes and two Ultramaxes, with the oldest vessel built in 2014. Company data suggests it holds one of the youngest Panamax fleets in the industry, with an average age just over four years.

This approach aligns with a broader trend among Greek shipowners, who have capitalised on the strong demand for overaged bulkers in the S&P market to offload non-core assets. Riviera recently reported Greek owners were the most active sellers in the dry bulk secondhand market in Q1 2025, accounting for 23% of recorded deals.