Greek owner Meadway Bulkers doubles down on Ultramax acquisitions amid newbuild delivery surge

Riviera reported last month that the owner had acquired 2016-built Ultramax bulk carrier Good Carry, formerly known as DSI Drammen, from Diana Shipping.

Meadway Bulkers has since emerged as the new owner of 2012-built, 61,360-dwt Ultramax Explorer Africa, which has been renamed Arabica. Shipbrokers reported in January that the vessel changed hands for approximately US$19M.

Both vessels were constructed at top-tier Japanese shipyards.

Meanwhile, the past three weeks have seen a flurry of activity for the Greek owner, with multiple newbuilds entering service.

Ultramax Delavita, along with Handysize bulk carriers Karisma and Acropolis, have joined the fleet. Delavita was delivered from Tsuneishi Zhousan Shipbuilding, while the remaining vessels were built at Namura Shipbuilding.

“An exciting moment in our history, as these three newbuildings are the 33rd, 34th and 35th vessels delivered to Meadway since 2005, when we took delivery of our first-ever newbuilding,” the owner noted in a social media post.

Meadway Bulkers was among the first owners to invest in newbuildings during recent years of limited contracting and has now begun taking delivery of those vessels.

“Looking ahead, our strategy remains clear. While many in the market are only now placing orders, Meadway Bulkers is already taking deliveries in 2026. Our fleet renewal programme is built on forward planning, timing and long-term fundamentals, positioning the company strongly for the next cycle,” the company added.

According to information on its website, Meadway Bulkers currently oversees a fleet of 23 vessels, including tonnage under construction, with the majority of the fleet built in Japan.