New Times Shipbuilding, a major private shipbuilder in Jiangsu, has recently secured a series of contracts for the construction of large bulk carriers.
According to market reports, the South Korean mid-sized bulk carrier owner Wooyang Shipping has placed an order with New Times Shipbuilding for four 210,000 DWT tri-fuel Newcastlemax bulk carriers. These vessels will be capable of operating on ethanol, methanol, and high-sulfur fuel oil, with delivery expected in 2030. This order has been confirmed by executives at Wooyang Shipping.
The contract value for this order has not been disclosed; the new vessels will be financed by the Korea Development Bank and the Export-Import Bank of Korea. For reference, the current cost of a single tri-fuel Newcastlemax bulk carrier ranges from $110 million to $120 million, implying a total cost of at least $400 million for the four new vessels.
Wooyang Shipping revealed that upon delivery, the tri-fuel vessels will be chartered on a long-term basis by the Brazilian mining giant Vale. The two parties have signed a 25-year iron ore transport contract valued at $1.65 billion, with an option to extend the term by up to five years.
In early 2026, Vale announced a tender process for long-term charters or Contracts of Affreightment (COAs) covering approximately twenty 210,000 DWT tri-fuel Newcastlemax bulk carriers, with contract terms spanning 25 years or more.
To date, several charter agreements have been finalized under this new shipbuilding program. For instance, South Korea’s Polaris Shipping placed an order with Qingdao Beihai Shipbuilding for four 210,000 DWT tri-fuel bulk carriers, which will be chartered by Vale upon delivery.
Similarly, the order for eight Newcastlemax bulk carriers announced by South Korea’s HMM two months ago is underpinned by a charter agreement with Vale; these vessels are reportedly being built by Yangzijiang Shipbuilding at a cost of slightly over $100 million each. The transportation contract between Vale and HMM is valued at approximately KRW 4.7 trillion (about $3.4 billion).
Notably, to accelerate fleet decarbonization, these tri-fuel Newcastlemax bulk carriers will feature designs “ready” for LNG and ammonia propulsion and will incorporate wind-assisted propulsion technology to maximize energy efficiency and emission reductions.
In the shipbuilding sector, New Times Shipbuilding recently signed a contract with another South Korean shipowner, H-Line Shipping, for two 210,000 DWT LNG dual-fuel bulk carriers. The construction cost per vessel is approximately $94 million, and delivery is expected in 2030. These new vessels will be chartered by the South Korean steelmaker POSCO, with charter terms expected to range from 15 to 20 years.