Maran Dry makes strong return to newbuilding market with four Capesize vessels

Guangdong Songfa Ceramics disclosed on 12 February that its subsidiary, Hengli Heavy Industries, secured an order for four Capesize bulk carriers, in addition to contracts for VLCCs, container vessels, and a single Aframax/LR2 tanker.

The stock exchange filing identified a single-purpose vessel company under Maran Dry as the counterparty for the Capesize deal. Delivery dates were not disclosed, though the contract is understood to include options for two additional vessels.

Maran Dry serves as the dry bulk division of the Angelicoussis Group, one of Greece’s largest shipowning groups. The owner currently manages a fleet of 40 bulk carriers, totalling approximately 7.5M dwt. Its tanker division, Maran Tankers, also returned to the newbuilding market late last year with a VLCC order in South Korea.

According to shipping platform data, the last newbuilds added to Maran Dry’s fleet were two Capesize bulk carriers in 2023. However, these vessels were not initially ordered by the company; they were acquired later as a resale deal.

Howe Robinson data shows that Capesize vessels accounted for 39% of total dry bulk newbuilding activity last year – up from 29% in 2024 and 19% in 2023.

Xclusiv Shipbrokers reports that the Capesize/VLOC orderbook currently represents 13% of the active fleet in dwt terms.

Unprecedented run for Hengli

Hengli Heavy Industries has been on an exceptional streak since last year. The pace of contract announcements has been unprecedented, with Greek owners dominating the market.

Just yesterday, Evangelos Marinakis-led Capital Group placed an order for 11 VLCCs, while the day before, George Prokopiou-backed Dynacom Tankers confirmed a nine-Suezmax order.

The shipbuilder is reported to have secured orders for more than 60 firm vessels in the first two months of 2026 alone.