Greek owner Efnav returns to newbuilding market with six-Kamsarmax order in China

The Greek owner has placed an order for six 82,000-dwt Kamsarmax bulk carriers at Hengli Shipbuilding, with the contract signed on 27 October. Shipbroking sources say these vessels will be delivered in the second half of 2026. Greek shipbrokers estimate the construction cost of a Kamsarmax at US$36–38M.

According to Hengli, Efnav’s newbuilds are highly efficient, representing a new generation of energy-saving bulk carriers. Efnav’s founding principal, Filippos Efstathiou, attended the signing ceremony alongside the shipyard’s management team.

Efnav currently operates a fleet of 15 bulk carriers, according to Equasis. This latest order marks the owner’s first return to the newbuilding market since 2021, when it took delivery of a Kamsarmax from China’s Nantong Cosco KHI Engineering (Nacks), based on shipbuilding platforms’ databases.

At the recent Maritime Cyprus 2025 Conference, Mr Efstathiou emphasised the importance of operational efficiency and prudent investment, warning that moving too quickly on unproven technologies risks “investing against a moving target.”

Greek owners and Hengli activity

Hengli has been busy in recent weeks securing bulk carrier and tanker contracts from Greek and other international owners. Thanasis Martinos-led Eastern Mediterranean Maritime (Eastmed) reportedly ordered four Kamsarmaxes at the yard. Germany’s H Vogemann has also been linked to a six-vessel contract there, similar to Efnav’s order. In the tanker sector, George Prokopiou’s Dynacom and John Fredriksen’s Frontline have been associated with fresh VLCC contracts.

Efnav’s latest order underscores a broader trend among Greek owners favouring Kamsarmaxes for dry bulk newbuildings. According to Xclusiv Shipbrokers’ latest monthly report, the Panamax/Kamsarmax segment now represents 61% of the Greek dry bulk orderbook.