Greek shipowner Angelakos doubles Kamsarmax orders in China

Riviera understands the traditional shipowner has ordered three Kamsarmax bulk carriers at Nantong Cosco KHI (NACKS), with deliveries scheduled for 2026. This latest deal increases Angelakos’ current orderbook to six Kamsarmax vessels, following a previous order of three ships at China’s Dalian Cosco KHI (DACKS), also slated for delivery in 2026. Notably, all six vessels will sail under the Cypriot flag.

These new contracts mark Angelakos’ return to shipbuilding after a brief hiatus. The owner last took delivery of newbuildings about four years ago from Jiangsu Yangzijiang Shipyard, according to shipbuilding data platforms. The Equasis platform lists the Greek owner as operating a fleet of 14 bulk carriers.

Greeks favour Kamsarmaxes

Greek shipowners have shown a strong preference for the Kamsarmax size when placing bulk carrier orders this year. Data from Xclusiv Shipbrokers reveals that between January and July, Greek owners signed deals for 27 bulk carriers, with 18 of them (66.6%) being Kamsarmaxes.

The Greek orderbook currently comprises of 168 bulk carriers, with 55% (92 vessels) falling into the Kamsarmax size category, according to the Greek shipbroking house.

Prominent Greek owners, including George Prokopiou’s Sea Traders, Thanassis Laskaridis’ Laskaridis Maritime, and Polys Hajioannou’s Safe Bulkers, are among those placing Kamsarmax orders in 2024. Additionally, low-profile companies such as Primerose Shipping and Veritas Shipmanagement have also joined the Kamsarmax trend this year.

Sources within the shipbroking community have told Riviera that Greek owners are keen on acquiring large dry tonnage to renew and strengthen their fleets. However, due to the high cost of newbuildings for the largest bulk carriers, such as Capesize vessels, many are focusing on the more cost-effective Kamsarmax/Panamax segment.

According to Xclusiv Shipbrokers, the current price for a Capesize vessel at Chinese shipyards is approximately US$77.0M, while a Kamsarmax costs around US$38.5M to build.