On May 11, Dajin Heavy Industry announced that it had signed a contract with a Greek shipowner to build two 211,000 DWT bulk carriers, with delivery expected in 2029. According to market reports, the order is linked to Cape Shipping, which is controlled by the Andrianopoulos family.
In recent years, Cape Shipping’s newbuilding investments have primarily focused on the tanker and bulk carrier markets. The recent order for two large bulk carriers from Dajin Heavy Industry marks the company’s return to the dry bulk shipping market after a 15-year hiatus, demonstrating a significant shift in its investment strategy.
According to available information, Cape Shipping was founded in 1987, starting with dry bulk shipping and gradually expanding into other shipping sectors. However, over the past 15 years, the shipowner has primarily focused on the tanker and container ship markets. For example, it recently ordered three Very Large Crude Carriers (VLCCs) from Beihai Shipbuilding (2 vessels) and Nippon Shipbuilding (1 vessel), with delivery dates scheduled until the first quarter of 2029.
Shipbuilding industry sources say the order for two bulk carriers reflects a shift in the Andrianopoulos family’s overall investment focus, as they return to the dry bulk shipping market.
With strong long-term demand expectations for iron ore, bauxite, and coal, several Greek shipowners are increasing their investment enthusiasm in the large dry bulk carrier sector. For example, the four new ships that Dajin Heavy Industry took over from Danaos represent the Greek shipowner’s first bulk carrier order, as it had previously focused on container shipping.
Capital Group, Safe Bulkers, Maran Dry, Navios Maritime Partners, and Seanergy Maritime have also placed orders for Capesize or Newcastlemax bulk carriers this year.
For the shipbuilder, Cape Shipping’s shipbuilding project is helping Dajin Heavy Industry expand into the mainstream commercial shipbuilding market. With the addition of four vessels ordered each by Greece’s Danaos and Norway’s Seatankers Management, Dajin Heavy Industries’ confirmed orders for Newcastlemax bulk carriers have increased to 10. The shipyard previously primarily built offshore engineering equipment and special deck transport vessels.