Vietnamese steel giant Hoa Phat Group has opted to place an order with a domestic shipyard for the construction of an Ultramax bulk carrier as part of its latest fleet expansion project.
Specifically, Hoa Phat has commissioned Nam Trieu Shipbuilding to build a 65,000 DWT Ultramax bulk carrier; neither the delivery date nor the cost of the vessel has been disclosed. The ship’s design is being handled by the local firm Viet Han Ship Design and Technical Services.
This order marks another step in Hoa Phat Group’s efforts to bring the transport of raw materials required for steel production increasingly within its own internal operations.
Hoa Phat Shipping, a subsidiary of Hoa Phat, was established in 2019. The company subsequently expanded its dry bulk fleet steadily, acquiring three secondhand bulk carriers in 2021—including the “The Prosperity”, an 80,000 DWT Kamsarmax vessel purchased for $35 million.
Subsequently, Hoa Phat Shipping began expanding into larger vessel sizes. In July 2025, the company’s 110,000 DWT bulk carrier “The Momentum”—the largest vessel in its fleet at the time—entered service; it was primarily deployed to transport iron ore and coal from Australia, the Americas, and other Asian markets to the group’s steel production complex in Vinh City.
Hoa Phat Group has stated that its long-term plan is to assemble a fleet of approximately 15 to 20 vessels, with large ships handling the international import of raw materials and smaller vessels transporting finished steel products domestically.
Nam Trieu Shipbuilding, the contractor for Hoa Phat Group’s new vessel project, is a subsidiary of the Shipbuilding Industry Corporation (SBIC) of Vietnam. Its core business encompasses both shipbuilding and ship repair; the company operates three docks—including floating and dry docks—capable of accommodating vessels up to 158 meters in length and 33 meters in width, and can service various ship types ranging from 79 to 199 meters in length. In 2024, Nam Trieu Shipbuilding delivered the “Truong Minh”, a 65,000-DWT bulk carrier, marking the largest bulk carrier ever built in Vietnam.