German owner H Vogemann linked to six-ship Kamsarmax order in China

Shipbroking and market sources have linked the Hamburg-based owner with an order for six 82,000-dwt Kamsarmax bulk carriers at Hengli Heavy Industry, with deliveries expected in 2027.

The same sources estimate the cost at about US$35M per vessel. By contrast, Greek shipbrokers place current Chinese Kamsarmax newbuilding prices in the range of around US$37M to US$38M. 

Asked to comment, managing partner Jens-Michael Arndt told Riviera that, as a principle, H Vogemann “never comments on market rumours.”

The German owner has been particularly active in Hengli’s orderbook in recent years, contracting primarily Capesize tonnage as well as Kamsarmax vessels. Data from shipping databases indicate its current orderbook is dominated by these segments, supplemented by Handysize bulk carriers.

The owner states on its website that it currently operates a fleet of 15 active vessels and maintains an orderbook of 15 additional ships.

Founded in Hamburg in 1886, the group operates under a three-pillar model covering shipbroking, shipmanagement and services.

Slumping orders

The reported deal comes at a time when bulk carrier newbuilding contracts are rare.

BRS Shipbrokers notes that global dry bulk orders between January and July 2025 fell 63% year-on-year, with just 165 vessels contracted for a combined 15.5M dwt. Supramaxes accounted for 55% of these orders, Capesizes for 23%, and Panamax/Handysize vessels together for 11%.

Measured by both dwt and vessel count, the 2025 order volume is on track to be the lowest in a decade, far below the 10-year annual average of 485 ships. This contrasts sharply with the record 2024 peak, when newbuilding orders hit 63.9M dwt, the highest level in 10 years.

Analysts attribute the sharp slowdown to persistently high newbuilding prices, ongoing regulatory and technological uncertainty, and shocks from geopolitical and trade policy developments.

Despite the weaker appetite overall, the Panamax/Kamsarmax/Post-Panamax orderbook remains the largest within dry bulk. According to Xclusiv Shipbrokers, there are currently 456 such vessels under construction, totalling 37.8M dwt and representing 13% of the active fleet in dwt terms.