Greek dry bulk shipowner W Marine has confirmed an order for three 64,500-dwt Ultramax bulk carriers at Jiangsu Dajin Heavy Industry, marking the company’s first batch investment in the vessel segment.

According to TradeWinds, the shipbuilding contracts were signed in June at a price of approximately $33.5 million per vessel, taking the combined value of the three-ship programme to about $100.5 million.

The vessels are scheduled for delivery in May, August and November 2028, respectively. The relatively early delivery slots were understood to be an important factor behind W Marine’s decision to place the order at the Chinese shipyard.

The deal also reveals the final overseas owner behind the three 64,500-dwt bulk carriers previously disclosed by Dajin Heavy Industry’s listed parent company.

Dajin’s First Ultramax Customer Identified

In May, Tianhai Defense Technologies, the parent company of Dajin Heavy Industry, announced that the shipyard had signed contracts with Anhui Guomao Haichang Trading for three 64,500-dwt bulk carriers, together with corresponding vessel export cooperation agreements.

The vessels, bearing hull numbers DJHC6601, DJHC6602 and DJHC6603, are scheduled to begin construction between May and December 2027 and to be delivered between May and November 2028.

The project represents Dajin Heavy Industry’s first Ultramax order and sets a new record for the largest bulk carriers constructed by the yard.

While the listed company’s disclosure identified a Chinese trading company as the contractual counterparty, the latest market report confirms that W Marine is the ultimate overseas shipowner.

Differences in the reported signing dates may reflect the separate execution and effectiveness of the shipbuilding contract, export agency agreement and final owner arrangements.

At approximately $33.5 million per vessel, the price is slightly below recent market indications for 61,000-dwt to 64,500-dwt bulk carrier newbuildings in China. The availability of delivery positions in 2028, however, appears to have strengthened the commercial appeal of the deal.

W Marine Expands Beyond Its Core Kamsarmax Fleet

Founded in Athens in 2003, W Marine is an integrated shipmanagement and dry bulk operating company with a fleet traditionally concentrated in the Panamax, Kamsarmax and Post-Panamax segments.

The company currently operates 18 vessels, of which 16 are Kamsarmax or Post-Panamax bulk carriers. It has only one Ultramax in operation.

The three newbuildings therefore represent a significant expansion of W Marine’s presence in the Ultramax sector, moving the company from operating a single vessel to establishing a dedicated fleet position.

W Marine entered the Ultramax market in 2024, partly to increase its exposure to Indian Ocean trades.

Ultramax bulk carriers are well suited to routes serving India, South Asia, Southeast Asia and other Indian Ocean markets, where port draughts and cargo-handling infrastructure can vary considerably.

Equipped with onboard cranes, the vessels can handle a broad range of cargoes, including grain, coal, ores, fertilisers, steel products and project cargoes. They also offer greater port flexibility than larger Kamsarmax and Post-Panamax vessels.

For W Marine, adding Ultramax tonnage will broaden its fleet profile, improve access to smaller ports and reduce its reliance on larger bulk carrier trades and cargoes.

Two New Kamsarmaxes Delivered by Chengxi Shipyard

The Ultramax order follows the recent delivery of two 82,000-dwt Kamsarmax bulk carriers built for W Marine by CSSC Chengxi Shipyard.

The vessels, named W-Malvina and W-Mary, were delivered earlier in July after being ordered approximately two years ago.

The ships were named after family members of the company’s leadership. W-Malvina was named after the wife of W Marine principal Yiannis Sarantitis, while W-Mary was named after his daughter.

In addition to the three Ultramax bulk carriers, W Marine’s newbuilding programme also includes two 1,800-teu feeder containerships scheduled for delivery in 2028.

The company is therefore expected to receive at least five new vessels in 2028, further diversifying its fleet across Kamsarmax, Ultramax and feeder container shipping markets.

Dajin Builds a More Diverse Orderbook

Jiangsu Dajin Heavy Industry is a wholly owned subsidiary of Shenzhen-listed Tianhai Defense Technologies.

The shipyard has expanded rapidly beyond its traditional strengths in multipurpose vessels, specialised ships and offshore support tonnage, securing orders across several mainstream commercial vessel segments.

On 9 July, Tianhai Defense announced that Dajin had signed contracts with Malaysia’s Nam Cheong Dockyard for two 79.2-metre, 4,000-dwt platform supply vessels.

The shipyard also secured an order for one 40,400-dwt bulk carrier from a Chinese ship leasing company. The two platform supply vessels were valued at a combined $22.66 million, while the bulk carrier contract was valued at approximately $20.44 million.

On 23 July, Tianhai Defense disclosed that Dajin had signed contracts for five 1,064-teu containerships and two 6,600-dwt multipurpose dry cargo vessels.

The yard has also secured a major international multipurpose vessel programme backed by Dutch owner Wagenborg Shipping and UK-based Carisbrooke Shipping.

That project comprises eight firm vessels and two options for a total of up to 10 ice-class multipurpose ships of 7,400 dwt.

Designed by Groot Ship Design and assigned Ice Class 1A, the first eight ships are scheduled for delivery between the third quarter of 2027 and early 2029. The two optional vessels could be delivered by mid-2029.

Dajin’s recent order intake now covers bulk carriers, feeder containerships, multipurpose ships and offshore support vessels, with customers coming from China, Greece, the Netherlands, the United Kingdom and Southeast Asia.

The increasingly diversified orderbook is providing stronger production visibility and supporting the yard’s transition into larger and more mainstream commercial shipbuilding markets.

Delivery Availability Becomes a Competitive Advantage

W Marine’s decision also highlights the growing importance of delivery availability in the current newbuilding market.

Orderbooks at many leading Chinese, South Korean and Japanese shipyards extend well into 2028, 2029 and beyond. Shipowners seeking earlier delivery positions are increasingly considering emerging or expanding Chinese yards that can offer suitable designs, competitive pricing and credible construction schedules.

For Dajin Heavy Industry, the three-ship W Marine programme carries strategic significance beyond its contract value.

The order gives the yard its first reference project in the Ultramax segment, allowing it to build experience in one of the most widely traded dry bulk vessel classes and strengthening its credentials among international shipowners.

For W Marine, the ships will add a more flexible vessel type to a fleet currently dominated by larger Kamsarmax and Post-Panamax tonnage.

When the three vessels enter service in 2028, they will provide the Greek owner with a broader range of trading options and support its expansion across Indian Ocean and regional dry bulk markets.