The recovery in the dry bulk shipping market has prompted long-established overseas shipowners to initiate fleet renewal programs. Many Greek shipowners, who had been inactive for years, are returning to the market to order new vessels—with Chinese shipyards emerging as their preferred choice.
Recently, the private Greek dry bulk shipowner Pavimar finalized a contract with Hengli Heavy Industries to build four Kamsarmax bulk carriers, with deliveries scheduled to take place between now and 2029. This marks the company’s first newbuild order in a decade.
Kamsarmax bulk carriers typically have a capacity of 82,000 deadweight tonnes (DWT). According to shipbroker estimates, the current cost for a Kamsarmax vessel built in China ranges from $37.5 million to $38.5 million, bringing the total value of this four-vessel order to $150 million.
Pavimar currently operates a fleet of 23 bulk carriers, ranging from Handysize to Capesize, with Panamax and Kamsarmax vessels serving as the core of its fleet. Earlier this month, the Greek owner also completed the acquisition of a second-hand vessel: the Aura (formerly African Harrier), a 37,700 DWT Handysize bulk carrier built in 2014. Market sources indicate that the vessel was purchased for approximately $20 million.
For Hengli Heavy Industries, which is currently securing a flurry of new orders, a contract for four Kamsarmax bulk carriers counts as merely a “small” deal.
This high-profile private shipbuilder—which has landed massive, multi-billion-dollar contracts for ultra-large container ships from industry giants like Mediterranean Shipping Company (MSC) and Maersk—is also actively pursuing orders for bulk carriers from Greek shipowners.
Most recently, the Greek firm EuroDry placed an additional order for Kamsarmax bulk carriers with Hengli Heavy Industries, at a price of approximately $37 million per vessel. Other Greek dry bulk owners—including Star Bulk, Oceanbulk, and Laskaridis Maritime—have also placed orders for Kamsarmax bulk carriers with the yard, making Greek shipowners one of the most significant client groups for Hengli Heavy Industry’s bulk carrier segment.
Two days ago, Hengli Heavy Industries announced orders for 52 ultra-large container ships, comprising three main vessel types: 20 units of 24,000 TEU, 20 units of 19,000 TEU, and 12 units of 22,000 TEU. The total value of these orders is estimated to exceed $11 billion. According to market reports, the 20 units of 24,000 TEU container ships were ordered by Mediterranean Shipping Company (MSC) and are scheduled for delivery in 2029 and 2030, while the 20 units of 19,000 TEU container ships were ordered by Maersk, also with deliveries slated for 2029 and 2030.
Earlier in October, Hengli Heavy Industries also announced orders for 11 very large ammonia carriers (VLACs) and 12 oil tankers. The VLACs include vessels with capacities of 88,000 cubic meters, 90,000 cubic meters, and 93,000 cubic meters, while the 12 oil tankers consist of 6 very large crude carriers (VLCCs), 2 Suezmax tankers, and 4 LR2 tankers.
According to official data from Hengli Heavy Industries, as of the end of July 2026, the company’s orderbook totaled 361 vessels, amounting to 61.67 million deadweight tons (DWT) and 13.48 million compensated gross tons (CGT). In terms of CGT, it ranks first globally among individual shipyards, with delivery schedules extending through 2030.