According to TradeWinds, Navios Maritime Partners, a Greek shipping company led by Angeliki Frangou, is in final negotiations with South Korean shipbuilder HJ Heavy Industries for 2+2 8,000 TEU methanol-powered New Panamax container ships.
Market insiders estimate that the cost of each ship is about US$110 million, and the total price of the four new ships is about US$440 million. They are expected to be delivered between 2026 and 2027. Some of the new ships have signed long-term charter contracts, thereby reducing the risk of market fluctuations and laying a stable income foundation.
This series of container ships will be built by HJ Heavy Industries’ Busan Yeongdo Shipyard, with a total length of 272 meters and a width of 42.8 meters. The ships are designed to be methanol-ready, using traditional marine fuel in the initial stage of operation, and can be converted to environmentally friendly methanol fuel in the future. This type of fuel design can prioritize short-term operational efficiency while flexibly responding to long-term carbon neutrality policies and fuel market changes.
This new shipbuilding project is not the first collaboration between HJ Heavy Industries and Navios Maritime Partners. Previously, the two parties signed a contract for the construction of six 7,900 TEU methanol-ready container ships, with delivery scheduled for 2026 to 2027.
Currently, Navios Maritime Partners operates a fleet of 179 ships and is accelerating the modernization of its fleet by combining the sale of old ships with the introduction of new ones.
If the above-mentioned contract for up to four container ships is successfully signed, it will be the second shipbuilding contract publicly announced by HJ Heavy Industries this year. The first order is an 18,000 cubic meter liquefied natural gas (LNG) bunkering ship ordered by South Korea’s H-Line Shipping.
As one of South Korea’s leading medium-sized shipbuilders, HJ Heavy Industries re-entered the merchant ship market seven years ago and signed contracts for six 5,500 TEU eco-friendly container ships between 2021 and 2022, with a total value of approximately US$410 million. All six ships were completed and delivered by May 23, 2024. By consecutively constructing six ships with identical designs and specifications, HJ Heavy Industries successfully achieved the “repeat construction effect,” thereby maximizing construction efficiency.