According to Riviera, Oceanbulk, the privately-owned shipping company led by Petros Pappas, has placed an unusual order for container vessels with a Chinese shipyard, continuing the recent momentum among Greek shipowners for building feeder container vessels.
Shipbrokers and market sources have disclosed that Oceanbulk has placed an order with Zhoushan Changhong International for two 3,100 TEU feeder container vessels, scheduled for delivery between 2027 and 2028. The cost of the order has not been disclosed.
Petros Pappas currently serves as CEO of Star Bulk, a leading dry bulk shipping company. The firm operates a fleet of 137 active bulk carriers, with an additional five Kamsarmax bulk carriers under construction.
Petros Pappas founded the dry bulk shipping company Oceanbulk Maritime in 1989, subsequently establishing several affiliated enterprises and expanding into the shipping industry’s shipowning and management sectors.
Equasis data indicates that Oceanbulk currently operates five bulk carriers. Multiple shipping data platforms show that the company’s fleet does not include any active container vessels, making this order of significant importance to Oceanbulk.
Notably, Oceanbulk’s newbctoruilding program for feeder container vessels aligns with this year’s expansion trend among Greek shipowners—many of whom are venturing into the small-to-medium container vessel sector.
Alberta Shipmanagement, a Greek traditional bulk carrier and tanker owner, has entered the small-to-medium container vessel sector by ordering two 1,930 TEU container vessels. Industry giants including Danaos, Capital Group, Minerva Dry, Chartworld, Latsco Shipping, and Euroseas have all placed orders in this sector for delivery by 2025.
Xclusiv Shipbrokers’ latest monthly report indicates that as of the end of September, the ratio of orders to the active fleet for feeder container vessels (measured in TEU) reached 7.1%, a significant increase from 3.7% at the end of 2024. The ratio of orders to the active fleet for Handymax vessels climbed to 12.4%, a substantial rise from 4.5% during the same period last year.