The Greek dry bulk owner is reportedly considering two Newcastlemax newbuildings at China’s Hengli Heavy Industries, potentially extending a relationship that already includes two 181,000-dwt Capesizes as large-bulker ordering accelerates in 2026.

Greek dry bulk operator Alpha Bulkers Shipmanagement has been linked to a plan to order two Newcastlemax bulk carriers at China’s Hengli Heavy Industries, potentially doubling its large-bulker newbuilding programme at the Dalian yard.

Shipbroking and market sources say the Anna Angelicoussis-led company is seeking to place an order for two Newcastlemaxes, according to reports from Riviera Maritime Media and New-Ships. No delivery dates, contract prices, deadweight specifications or propulsion details have yet been disclosed. 

As of September 7, neither Alpha Bulkers nor Hengli Heavy Industries had publicly announced a firm contract for the two vessels.

If concluded, the deal would expand a relationship that began earlier this year with two smaller large-bulker newbuildings and would take Alpha Bulkers from the 181,000-dwt Capesize segment into the roughly 210,000-dwt Newcastlemax class at Hengli.

Two Capesizes already booked at Hengli

The latest move follows an earlier Alpha Bulkers investment at the same Chinese shipbuilder.

Intermodal reported in May that Alpha Bulkers had ordered two 181,000-dwt bulk carriers at Hengli Shipbuilding for delivery in 2028, with the price undisclosed. The vessels were listed in the broker’s Week 21 newbuilding order table.

The prospective Newcastlemax order would therefore take Alpha Bulkers’ reported large-bulker programme at Hengli to four ships, while broadening the size range of the vessels being built there.

Newcastlemaxes sit above conventional Capesizes in carrying capacity and are typically deployed in the long-haul transportation of major bulks such as iron ore and coal. Their greater cargo intake can improve unit transport economics on suitable routes, although the ships also require compatible ports and expose owners to the economics of the largest dry bulk trades.

Alpha Bulkers would double its Newcastlemax fleet

Alpha Bulkers is already an established Newcastlemax operator.

Its current fleet includes the 209,130-dwt Alpha Trophy and the 209,260-dwt Alpha Treasure, both built by Shanghai Waigaoqiao Shipbuilding in China and delivered in 2022. 

The company’s official fleet page currently lists 33 bulk carriers, including the two Newcastlemaxes, while Riviera identifies a further 17 Capesize vessels in its fleet. 

Because Alpha Trophy and Alpha Treasure are only four years old, another two Newcastlemaxes would represent fleet expansion rather than a straightforward replacement of ageing tonnage. The number of Newcastlemaxes under Alpha Bulkers’ management would rise from two to four if the reported Hengli deal proceeds.

That would also fit a broader fleet-renewal strategy. Alpha Bulkers says it has been adding newbuildings and modern secondhand vessels with a focus on eco-design standards. 

Hengli builds its position in large dry bulk

The potential order also highlights Hengli’s growing role in the large-bulker newbuilding market, particularly among Greek owners.

Intermodal’s September 1 market report listed a 210,000-dwt Newcastlemax for Seanergy Maritime at Hengli for 2029 delivery and another 210,000-dwt vessel for Enesel for delivery in 2028. The broker did not disclose prices for either ship.

Enesel’s vessel is due in November 2028 and will join four 181,500-dwt Capesize newbuildings already associated with the Greek owner at Hengli. 

Seanergy, meanwhile, has been linked by broker Xclusiv Shipbrokers to a 211,000-dwt Newcastlemax at Hengli for 2029 delivery. The Nasdaq-listed owner had not publicly confirmed that additional vessel when the report emerged. 

Hengli’s rapid expansion provides important context for international readers. The company was established by Hengli Group in 2022 after acquiring the former STX Dalian assets on Changxing Island and restarted the site as a major shipbuilding complex focused on merchant ships and offshore engineering.

Its orderbook has since grown sharply. A filing with the Shanghai Stock Exchange showed that, as of March 31, 2026, Hengli had 284 contracted vessels worth $27.513 billion, with its available building capacity and production-to-sales ratio both at 100%. 

For the Alpha Bulkers project, the eventual delivery year will therefore be an important detail. It would provide another indication of how far forward Hengli is able to offer commercially attractive slots for large international owners.

Newcastlemax benchmark sits at $79m

No contract value has been reported for Alpha Bulkers’ prospective ships.

As of August 28, Intermodal assessed a standard 205,000-dwt Newcastlemax newbuilding at $79 million, compared with $76 million for a 180,000-dwt Capesize. The Newcastlemax benchmark was unchanged week on week and was at the top of its 2026 range. 

At that benchmark, two vessels would correspond mechanically to about $158 million. That is not a valuation of the Alpha Bulkers transaction: actual contract prices can vary materially according to delivery slots, specification, scrubbers, propulsion and efficiency packages, financing terms and payment schedules.

The absence of disclosed technical details is also significant. It remains unknown whether the proposed ships would be fitted with scrubbers, alternative-fuel capability or fuel-ready notation, all of which can materially affect both capital cost and future trading flexibility.

Large-bulker ordering gathers pace

Alpha Bulkers’ reported move comes during a notably active year for large dry bulk newbuildings.

Data from Xclusiv Shipbrokers cited by New-Ships show that global owners had ordered 105 Capesize and VLOC vessels by the end of August 2026. Large-bulker orders had risen to more than 18% of the existing fleet on a deadweight basis, while the average age of the operating fleet was around 12.5 years.

The freight backdrop has also been considerably stronger than a year earlier. Xclusiv calculated that the Capesize 5TC averaged about $30,400 per day during January-July 2026, up 81% from approximately $16,800 per day in the same period of 2025. 

By late August the spot market had strengthened further. Intermodal put the Baltic Capesize Index’s five-route time-charter equivalent at $44,896 per day on August 28, up 18.8% from the previous week. 

Those earnings help explain the stronger investment environment for large bulkers, but the expanding orderbook also creates a future supply consideration. Much of the new tonnage now being contracted will arrive from 2028 onward, meaning the market will eventually have to absorb a growing delivery pipeline.

For Alpha Bulkers, the next milestones are straightforward: whether the two Newcastlemaxes are converted from market discussions into a firm contract, and the eventual disclosure of their size, delivery dates, price and technical specification.

If the deal is concluded, it would double the company’s Newcastlemax fleet while deepening its relationship with one of China’s fastest-growing private shipbuilders — and add another Greek name to the large-bulker order flow now filling Hengli’s forward capacity.