Chinese shipbuilder expands into Newcastlemax bulkers with US$600M contracts

Riviera previously reported that John Fredriksen-controlled Seatankers had contracted Dajin for two firm plus two optional Newcastlemax bulk carriers.

This followed John Coustas-led Danaos Corp selecting the Chinese yard for its debut dry bulk newbuilding order, initially for two Newcastlemax vessels, later expanded to four.

These contracts are seen as a milestone for Dajin, which had not previously been known to build vessels of this size. Established in 2003, Dajin operates seven facilities and specialises in onshore and offshore wind towers, as well as floating foundations, according to information on its website.

In a filing to the Shenzhen Stock Exchange on 23 April, Dajin confirmed its expansion. The company said it had signed a bulk carrier construction contract with a subsidiary of a Norwegian shipowner for four 210,000-dwt Newcastlemax vessels, with a total value of approximately US$294M.

The shipowner was described as specialising in fleet operations, newbuilding investments, secondhand vessel trading, long-term chartering, and offshore project development.

In addition, the company disclosed a separate contract with a subsidiary of a Greek shipowner for four more vessels of the same size, valued at approximately US$297M. The Greek owner was described as operating a modern fleet of large container ships under long-term time charter arrangements, while also expanding into the Capesize bulk carrier segment.

The vessels are scheduled for delivery between 2028 and 2029.

“The signing of these contracts marks further international recognition of the company’s shipbuilding capabilities,” Dajin said.

The Capesize/Newcastlemax segment has seen renewed momentum in recent months. This week, Riviera reported that Andonis Lemos and Filippos Lemos-led Enesel added to this trend with a contract at Hengli Heavy Industries.