W Marine has become the latest Greek shipowner to place an order for vessels at a Chinese shipyard to enter the container shipping sector.
According to TradeWinds, Greek bulk carrier owner W Marine has signed a letter of intent with Huanghai Shipbuilding for the construction of 2 1,800TEU feeder container vessels, with delivery expected in 2028. The order also includes options for two more vessels of the same type. The new vessels will use conventional fuel.
While the contract value of this shipbuilding project has not been disclosed, another Greek shipowner, Minerva Marine, recently signed a letter of intent with Huanghai Shipbuilding for the construction of two 1,800 TEU feeder container ships, also powered by conventional fuel. Each ship will cost between $30 million and $33 million. For reference, the total value of this order could be between $120 million and $132 million.
W Marine, founded by Yiannis Sarantitis in 2003, currently owns a fleet of 16 bulk carriers with an average age of 11 years. In the 20 years since its founding, W Marine has not been active in the newbuilding market, instead focusing on the secondhand market.
The letter of intent signed with Huanghai Shipbuilding is W Marine’s first container shipbuilding contract. If confirmed, it will mark the shipowner’s official entry into the container ship transportation market.
According to its official website, Huanghai Shipbuilding Co., Ltd. was founded in 1944. In recent years, the company has actively responded to the national strategy of “building a maritime power”. Focusing on structural adjustment and product transformation, it has blazed a distinctive development path with “Huanghai characteristics” in such fields as large ro-pax vessel, passenger-cargo ships, multi-purpose heavy-lift vessels, and large ocean-going fishing boats.