Meadway Bulkers Orders Six Ultramax Vessels from Chinese Shipyard Xiangyu

Greek dry bulk shipowner Meadway Bulkers, controlled by George Delaportas, has placed an order for a series of six newbuild ultramax vessels at the Chinese shipyard Nantong Xiangyu Shipbuilding. The order covers six units of 64,500 dwt each, with deliveries scheduled between 2029 and 2030, marking the company's largest newbuilding commitment since it became an independent company in 2021.

According to shipping industry sources, the vessels will be based on Xiangyu's second-generation Elephant design and will run on conventional fuel. The price was not officially disclosed, but ship brokers estimate that each comparable Chinese-built ultramax costs around $36 million, putting the total outlay for the series at roughly $216 million.

With this order, Meadway's fleet, combining existing and contracted tonnage, would rise to 26 vessels. The company has been adding tonnage throughout the year: in September it took delivery of the Elisabetta, a 66,000-dwt TESS66 Aeroline-type ultramax built at Tsuneishi Zhoushan. It has also renewed its fleet through secondhand acquisitions, such as the Good Carry, a 64,507-dwt vessel built in 2016, purchased in January for around $26.4 million from Diana Shipping, and the Arabica, a 2012-built Oshima ultramax, acquired in February for about $19 million. Meadway also has another 64,000-dwt ultramax under construction at the Japanese shipyard Imabari, with delivery expected in the second quarter of 2027.

Meadway Bulkers, headquartered in Athens, was founded by George Delaportas in 2021 following the split of the family's shipping interests. His brother continued at the helm of Meadway Shipping & Trading, a company that has since been renamed DryDel Shipping. Delaportas is also known for his passion for motor racing, as noted in coverage of the announcement.

The new contract adds to a period of intense activity for Nantong Xiangyu, which in recent months has received orders from other Greek shipowners, such as Goldenport and Atlantic Bulk Carriers, as well as contracts from the Monaco-based firm Gestion Maritime. According to tracking by the outlet Ship News, by July 2026 the shipyard had already built and delivered more than 100 ultramax vessels, cementing its position among the global leaders in this category.