Wisdom Marine expands dry bulk orderbook with a pair of Handysize vessels in Japan

The company, which describes itself as Taiwan’s largest dry bulk shipowner, disclosed last week that its board has approved an order at Japan’s Naikai Zosen for two 39,000-dwt vessels. Wisdom Marine noted that the total contract value will not exceed US$71M.

Wisdom Marine is currently running a newbuilding programme for 13 bulk carriers, with deliveries scheduled through 2027. The fleet expansion includes 11 Handysize bulk carriers and two Kamsarmaxes.

The company oversees a fleet of 133 bulk carriers, the vast majority of which are owned, while some are under management. Covering all dry bulk segments, the fleet primarily consists of Handysize, Panamax and Supramax vessels.

Founded in 1999, Wisdom Marine has been publicly listed on the Taiwan Stock Exchange Corporation since 2010. Early last year, it launched a joint venture with Singapore-based Synergy Group, focusing on shipmanagement services for its fleet.

Slow start to dry bulk orders 

Newbuilding contracts in the dry bulk sector have been sluggish so far this year. Shipbroker Ifchor Galbraiths reported that only 22 bulk carriers were ordered in the first two months of 2025, marking the lowest number of new orders since 2018.

“Shipowners remain cautious amid weak spot freight rates, firm newbuild and secondhand prices and growing uncertainty over fuel alternatives,” analysts noted. Extended delivery timelines due to shipyard backlogs further complicate the market outlook, Ifchor Galbraiths added.

In the Handysize sector, where Wisdom Marine has invested, data from Xclusiv Shipbrokers shows the orderbook-to-fleet ratio stood at around 10% in dwt terms as of late February.

Meanwhile, Howe Robinson Partners projects that the Handysize fleet will expand by about 3% this year, marking the second-fastest growth rate among dry bulk segments, trailing only Supramax vessels. The same data indicates that in 2024, the average age of the Handysize fleet was 14 years, making it the oldest among all dry bulk vessel sizes.