Bulker Ordering Frenzy: 110 Bulkers Ordered Since July

Since the beginning of the second half of this year, shipowners have ramped up dry bulk ordering, bringing the newbuild count to 110 new ships in the last three months.

The number has almost doubled when compared to 63 newbuilding orders from the first half of this year, according to the data from VesselsValue.

Interestingly enough, the majority of shipowners contracting newbuilds comes from Japan and they have ordered 41 new dry bulk carriers since July 1, 2017.

The Japanese owners are followed by their Greek counterparts with 25 orders, 13 from Singapore, 8 from Turkey and 7 from China. The remaining 16 orders are split between other countries, including those from Saudi Arabia’s Bahri and Bulgaria’s Navibulgar.

To remind, earlier this month Japanese company Nissen Kaiun placed an order for ten 82,000 DWT bulk carriers at compatriot shipyards.

Furthermore, Japan’s Kambara Kissen has ordered eight Panamaxes and two Ultramaxes at Tsuneishi Cebu Shipbuilding, slated for delivery by 2020.

Big orders also came from Nisshin Shipping and Singapore’s Yangzijiang Shipping Pte that ordered seven bulkers each during the said period.

A new mega-order seems to be in the making, as indicated by brokers, involving Brazilian miner Vale which has been linked to a time charter deal for up to 30 Valemax newbuilds.

Under the long-term contracts of affreightment lasting up to 25 years, Chinese joint venture between ICBC Leasing and China Merchants would be providing ten 400,000 DWT bulkers, while South Korean shipping company Pan Ocean would be providing 4 Valemax newbuilds.

In addition, Pan Ocean’s compatriots Korea Line Corporation, H Line Shipping, and SK Shipping would each contribute two 400,000 DWT bulkers, data from Intermodal Research shows.

Furthermore, Polaris Shipping is reportedly ordering up to ten newbuilds to support the contract.

The orders are said to be spread across several Chinese and South Korean yards, with Hyundai Heavy Industries (HHI) being tied to an order from Polaris, with likely deliveries in 2019-2020.

When asked about the order by World Maritime News, Vale said it could not comment on the reports.

Polaris and HHI are yet to confirm the market reports as well.

Prompted by attractive newbuilding prices the owners are rushing to the yards to secure newbuilding tonnage anent the anticipated market recovery.

Nevertheless, the ordering spree might result in the boomerang effect and delay the much-needed recovery even further amid the threat of tonnage oversupply that is likely to keep freight rates down.

World Maritime News Staff

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