Pavimar Orders Four Kamsarmax Bulk Carriers from Chinese Shipyard Hengli

Athens-based Greek shipowner Pavimar has ordered four kamsarmax bulk carriers from Chinese shipyard Hengli Heavy Industries, marking its return to the newbuilding market. The company, led by Ismini Panagiotidi, expects the four units to be delivered in stages through 2029.

The contract price was not disclosed, but European brokers estimate that each China-built kamsarmax costs between $37.5 million and $38.5 million, which would put the total order value at between $150 million and $154 million. Splash247 and Ship News describe this deal as Pavimar's first newbuilding contract after many years of growth driven solely by secondhand vessel purchases, while Xinde Marine News notes that this is the company's first order of this kind in a decade. The company currently operates a fleet of 23 bulk carriers, ranging from handysize to capesize, with panamax and kamsarmax units forming the backbone of its fleet.

Earlier this year, Pavimar added the vessel Aura, formerly the African Harrier, to its fleet. Built in 2014 with a deadweight of 37,700 tonnes, the ship was acquired for around $20 million, according to Splash247 and Ship News. Xinde Marine News added that Greek newspaper Naftemporiki reported on October 6 the delivery of this 37,707 dwt vessel, built by Japanese shipyard Imabari Shipbuilding, and that Pavimar itself confirmed the deal through its official social media channels.

Panagiotidi also chairs Icon Energy, a Nasdaq-listed shipowner that maintains a commercial link with Pavimar's ship management operations. According to Splash247 and Ship News, Icon entered the public markets in 2024 and expanded through secondhand vessel acquisitions, including its first kamsarmax. Dalian-based Hengli Heavy Industries thus added another Greek client to a growing order book of bulk carriers and tankers, increasingly competing with China's already established shipyards.

Xinde Marine News noted that Pavimar's order comes after another Nasdaq-listed Greek shipowner, EuroDry, contracted its third 82,000 dwt kamsarmax at Hengli on October 14, for around $37 million, with delivery expected in the third quarter of 2029 under an eco-friendly design compliant with EEDI phase 3. EuroDry Chairman and CEO Aristides Pittas explained that five-year-old secondhand kamsarmax vessels were trading at prices equal to or higher than those of newbuildings, which made it more attractive, at a similar cost of capital, to invest in a new, more fuel-efficient unit.