Market sources report that Greek shipowner Meadway Bulkers has placed an order with Nantong Xiangyu Shipbuilding & Offshore Engineering Co., Ltd. (Nantong Xiangyu SOE) for six 64,500 DWT Ultramax bulk carriers. The new vessels are scheduled for delivery between 2029 and 2030.
The new vessels will feature the second-generation “Elephant” design from Nantong Xiangyu SOE and will be equipped with conventional-fuel engines. While the contract value has not been publicly disclosed, current market rates for an Ultramax bulk carrier are approximately $36 million per vessel, bringing the total value of the order to $216 million.
This order marks the largest single shipbuilding contract secured by Meadway Bulkers—a company controlled by George Delaportas—since its establishment in 2021. Upon the delivery of all six new vessels, Meadway Bulkers’ fleet will reach 26 bulk carriers, with Ultramax vessels serving as its core ship type.
It is worth noting that Meadway Bulkers has historically placed its shipbuilding orders primarily with yards in Japan and South Korea; its decision to opt for a Chinese shipyard this time underscores the growing market competitiveness and production capacity advantages of China’s shipbuilding industry.
This year, Nantong Xiangyu SOE has secured multiple orders for Ultramax bulk carriers from various shipowners, including Monaco-based Gestion (3 vessels), Turkey’s Aqmaris Gemi (8 vessels), Bangladesh’s AKIJ Resource (4 vessels), Greece’s Goldenport (4 vessels), and Greece’s Union Commercial (2 vessels).
As one of the world’s leading shipbuilders of Ultramax bulk carriers, Nantong Xiangyu SOE had—by early July 2026—constructed and delivered 100 such vessels. The company has secured a total of 168 orders, involving 38 different shipowners. Its order book for Ultramax bulk carriers consistently ranks among the top globally.
According to official company information, Xiangyu Offshore Equipment was established in December 2016 and operates two shipyards: Nantong Xiangyu Offshore Equipment Co., Ltd. and Qidong Xiangyu Offshore Equipment Co., Ltd.
Currently, Xiangyu Offshore Equipment has developed a production footprint comprising “two shipyards and four bases,” with an annual capacity exceeding 3 million deadweight tons (DWT). Its product portfolio includes a variety of ocean-going vessels, such as bulk carriers, dual-fuel stainless-steel chemical tankers, offshore wind turbine installation vessels, and semi-submersible ships.