According to Greek media reports, German shipping company Reederei H Vogemann has once again invested in shipbuilding at a Chinese shipyard, continuing its recent investment enthusiasm.
Shipbrokers and market sources revealed that Reederei H Vogemann has placed an order with Hengli Heavy Industries for six 82,000 DWT Kamsarmax bulk carriers, scheduled for delivery in 2027 at a cost of approximately $35 million per vessel. In comparison, Greek shipbrokers estimate that Chinese shipyards are currently quoting prices for Kamsarmax bulk carriers in the range of $37 million to $38 million.
Reederei H Vogemann’s order comes at a time when new bulk carrier orders are scarce. According to BRS Shipbrokers, global dry bulk carrier orders plummeted 63% year-on-year from January to July 2025, with only 165 ships totaling 15.5 million deadweight tons contracted.
Measured in both deadweight tonnage and number of vessels, bulk carrier orders in 2025 will hit a ten-year low, well below the ten-year average of 485 vessels. This is in stark contrast to the record peak of 63.9 million deadweight tonnage in 2024, a ten-year high.
Analysts attribute the sharp decline in new ship orders to persistently high newbuilding prices, regulatory and technological uncertainties, and the impact of geopolitical and trade policy turbulence. Despite overall weak demand, Panamax/Kamsarmax/Post-Panamax orders remain the largest segment within the dry bulk carrier market.
In recent years, Reederei H Vogemann has maintained particularly close shipbuilding cooperation with Hengli Heavy Industries, primarily focusing on Capesize bulk carriers and Kamsarmax bulk carriers. The two parties initiated their first collaboration in June 2023, during which they signed contracts for four 180,000 DWT Capesize bulk carriers and four 82,000 DWT Kamsarmax bulk carriers.
This order is of vital importance to Hengli Heavy Industries, marking that Hengli Heavy Industries has officially entered the ranks of large bulk carrier construction after entering the mainstream bulk carrier construction field.
In 2024, Reederei H Vogemann has placed an additional order with Hengli Heavy Industries for four 180,000 DWT Capesize bulk carriers. Should these orders be confirmed, the total number of vessels jointly constructed by the two parties will increase to 18 vessels of two types.
According to its official website, Reederei H Vogemann was founded in 1886. Operating on a three-pillar model encompassing ship brokerage, ship management, and supporting services, the company currently maintains a fleet of 15 vessels with an average age of 4 years and holds orders for 15 newbuildings.
Since commencing operations in early 2023, Hengli Heavy Industries has delivered outstanding performance. According to Clarkson data, in 2024, Hengli Heavy Industries ranked among the world’s top ten shipyards, securing the fourth position with 56 vessels and 2.68 million CGT in new orders. Currently, both its order backlog and new order volume place it among the leading global manufacturers of large ocean-going vessels, with production schedules already booked through 2029.
It is reported that from February to September this year, including letters of intent, Hengli Heavy Industries secured orders for 29+11 new vessels. Just past the midpoint of September, in addition to the above six bulk carriers, Hengli Heavy Industries has secured 4+4 6,000 TEU container ships from Singapore-based East Pacific Shipping (EPS), owned by Israeli shipping magnate Idan Ofer, and 2+2 306,000 DWT VLCCs from Norway’s Frontline, owned by shipping magnate John Fredriksen.