Germany’s DAB Group is moving from maritime services and chartering into direct ship ownership, ordering two Ultramax bulk carriers from Jiangsu Soho Innovation & Technology Shipbuilding for delivery in the first half of 2029.

Germany’s DAB Group is establishing its first owned fleet with two 64,500-dwt Ultramax bulk carriers ordered from China, in a deal that also gives Jiangsu Soho Innovation & Technology Shipbuilding a new foothold in the European market.

The vessels have been contracted through Dassler Schiffahrts- und Handelsgesellschaft mbH (DSH), a DAB Group company active in the maritime sector since 1993. DSH said the two ships were ordered on September 1 during the SMM maritime exhibition in Hamburg and will enter service in the first half of 2029.

Industry reports, including Splash, said the contract also carries an option for a third vessel. DSH’s own announcement, however, confirms only the two firm newbuildings and does not mention the option, making the additional ship separate from the confirmed order at this stage.

No contract price has been disclosed.

From chartering to ownership

The significance of the deal lies less in its size than in what it represents for DAB.

DSH has spent more than three decades providing services across shipping and international trade, but the two Chinese-built Ultramaxes will be the first vessels ordered for the group’s own fleet.

The company plans to build its shipping business around a combination of owned tonnage and vessels chartered in and out on longer-term contracts. DSH said this structure is intended to give the group both a permanent asset base and the flexibility to expand its commercial capacity through chartering.

That model is common among shipowners seeking to balance direct exposure to vessel values with the flexibility of the charter market, particularly in dry bulk, where freight earnings can move sharply through the cycle.

For DAB, the order therefore represents a shift from participating in shipping mainly through services and commercial arrangements to putting capital directly into oceangoing assets.

China wins a first European project

The vessels will be built by Jiangsu Soho Innovation & Technology Shipbuilding Co., Ltd., which has expanded its commercial shipbuilding activities following a corporate reorganisation in 2024.

Splash described the deal as the yard’s first entry into the European market, while Chinese-side reporting said the 64,500-dwt design is also a new addition to its orderbook.

The ships are about 200 metres long and 32.23 metres wide, according to DSH, with a stated range of 22,000 nautical miles. The owner said the vessels were selected with modern design, environmental performance and compliance with stringent European requirements in mind.

As geared Ultramaxes, the ships will be able to handle a broad cargo mix including grain, fertiliser, coal, ores and bauxite as well as steel coils and other steel products. Their onboard cranes also allow them to trade at ports with limited shore-based cargo-handling equipment.

That flexibility is one reason the roughly 60,000-65,000 dwt segment remains popular with owners operating across both major and regional dry bulk trades.

A small order with a wider signal

For Chinese shipbuilding, the contract is notable because the customer is not an established large fleet owner placing another repeat order.

Instead, a European maritime group entering ship ownership for the first time has chosen a Chinese yard outside the handful of names that traditionally dominate high-profile export orders.

That does not by itself establish a broader market shift, and neither DAB nor DSH has disclosed whether price, financing, delivery availability or other commercial considerations determined the yard selection.

But if the reported third-ship option is eventually exercised, the project would give Jiangsu Soho a larger European reference while providing DAB with additional scale at the beginning of its move into asset ownership.

For now, the confirmed transaction remains straightforward: two firm Ultramax newbuildings, due in 2029, and the start of DAB Group’s first owned shipping fleet.