Seatankers Management, the private investment firm owned by Norwegian shipping magnate John Fredriksen, has returned to the market for newbuild large bulk carriers and has placed an order with a Chinese shipyard for up to eight Newcastlemax bulk carriers.
According to sources in the shipbuilding industry, Seatankers Management has signed a contract with Panjin Dajin Marine Engineering Co., Ltd. (Panjin Dajin), a wholly-owned subsidiary of Dajin Heavy Industry, for the construction of 4+4 210,000 DWT Newcastlemax bulk carriers. The first four vessels are expected to be delivered between the second half of 2028 and the first half of 2029.
Shipbrokers estimate that the construction cost per vessel in this batch is approximately $73.5 million. The total construction cost for the first four confirmed orders is approximately $294 million; if the option vessels are exercised, the total construction cost for the eight new vessels would be approximately $588 million.
It is understood that Panjin Dajin, established in 2022 as a wholly-owned subsidiary of Dajin Heavy Industry, is a core member of Dajin Heavy Industry’s three major offshore engineering bases in the Bohai Rim region. The company specializes in the construction of specialized vessels for the offshore engineering sector, including various types of self-propelled deck carriers, semi-submersibles, heavy-lift vessels, floating docks, and offshore wind power operation and maintenance vessels.
In August 2025, Panjin Dajin secured its first overseas order for a heavy-lift deck cargo vessel. This was the company’s first commercial order, secured while it was fully committed to ensuring the successful construction of Dajin Heavy Industry’s own ultra-large wind turbine deck cargo vessels; In November, Panjin Dajin signed a contract with a Norwegian shipowner for one 43,000 DWT semi-submersible barge. This order marked Panjin Dajin’s first collaboration with a European shipowner and also represented the shipbuilder’s first-ever construction of this vessel type.
Dajin Heavy Industry is the first publicly listed company in China’s wind turbine tower industry. Founded in 2000, it has since become a global leader in wind power equipment manufacturing.
Currently, Dajin Heavy Industry is actively expanding its mainstream commercial shipbuilding business. Including its latest orders, the company has publicly announced 8+4 Newcastlemax bulk carriers this year, with the remaining four ordered by Greece’s Danaos. Danaos’ four newbuilds are expected to be delivered in 2028, with a total construction cost of nearly $300 million.
Currently, the newbuilding market for large bulk carriers is showing signs of a general recovery, with shipowners generally optimistic about the outlook for the deep-sea freight market and the advantages of economies of scale. For example, Seacon Shipping Group entered the Newcastlemax bulk carrier segment earlier this year with two newbuilds, with the order being constructed by Beihai Shipbuilding; Union Maritime of the UK has signed a letter of intent with Wuhu Shipyard for up to four 215,000 DWT bulk carriers. If these turn into formal shipbuilding contracts, it will mark the first time this shipowner has ordered Newcastlemax bulk carriers.
For Seatankers Management, this bulk carrier project in collaboration with Panjin Dajin represents the shipowner’s latest move to expand its presence in the large dry bulk market. In 2024, the shipowner placed an order with China Merchants Shipbuilding Industry Group Qingdao Shipyard (formerly Qingdao Yangfan Shipbuilding) for four Newcastlemax bulk carriers, with a unit price of approximately $68 million each. The vessels are scheduled for delivery in 2027 and 2028, marking the shipowner’s first Newcastlemax bulk carrier order since 2018.
It is worth noting that Seatankers Management’s wave of newbuilding orders began in 2024. With the exception of bulk carriers, all of the vessels are Very Large Crude Carriers (VLCCs).
In early 2024, Seatankers Management placed an order with Dalian Shipbuilding Industry Corporation (DSIC) for 6+2 300,000 DWT VLCCs, with deliveries scheduled to begin in 2026. The option for the additional two vessels was exercised in August of the same year, bringing the total construction cost for the eight newbuilds to $928 million; Between 2025 and 2026, Seatankers Management placed orders for four VLCCs with Hengli Heavy Industries, with delivery scheduled to begin in 2027.
According to reports, Seatankers Management is a private shipping investment and management platform owned by Norwegian shipping magnate John Fredriksen. Headquartered in Limassol, Cyprus, it serves as the vehicle for the family’s core unlisted shipping assets. Its operational fleet includes tankers (primarily VLCCs) and bulk carriers (such as Newcastlemax and Kamsarmax vessels), with newbuild orders primarily placed with shipyards in China and South Korea.