Goldenport Orders Second Batch of Ultramax Bulk Carriers from Nantong Xiangyu

The Greek shipowner Goldenport Shipmanagement returns to the newbuilding market for bulk carriers with a second Ultramax order at the Chinese shipyard Nantong Xiangyu Shipbuilding & Offshore Engineering.

The Greek company, led by John Dragnis, is once again turning to the newbuilding market for bulk carriers by commissioning an additional order for two Ultramax bulk carriers from a Chinese shipyard. Maritime broker reports indicate that the company has ordered two 63,500 DWT hulls from Nantong Xiangyu Shipbuilding & Offshore Engineering, with delivery scheduled for 2029.

These new vessels represent an additional order to a contract for two identical ships signed in June at a reported price of around USD 35,000,000 per unit. Although the price of the latest two units has not been disclosed, a repeated level of the previous agreement values the four-vessel program at approximately USD 140,000,000.

This move marks a deeper return to new bulk cargo constructions for Goldenport, which had recently focused more on second-hand acquisitions and investments in other shipping segments.

The shipping company is a regular client of the state-owned Chinese shipyard. The two parties signed a contract in 2022 for the construction of five 63,500 DWT Ultramax bulk carriers, making Goldenport the shipyard's first Greek client, with deliveries of three vessels in 2023 and the remaining two in 2024.

In addition to its presence in the bulk carrier market, the company has added three 1,800 TEU feeder containerships this year at China Merchants' reactivated Qingshan shipyard. With deliveries scheduled between 2027 and 2028, the total cost of this feeder program is estimated between USD 93,000,000 and USD 99,000,000.

Currently, Goldenport manages a fleet of 31 vessels, comprising 25 bulk carriers and six containerships. The shipowner also doubled its exposure to the capesize category last year with the acquisition of the Despotiko, a 176,357 DWT vessel built in 2012. Furthermore, Oceangold Tankers, a shipping company also controlled by John Dragnis, maintains orders for gas carriers at South Korean shipyards.

Nantong Xiangyu Shipbuilding & Offshore Engineering demonstrates strong momentum in the bulk carrier market with contracts ranging from Ultramax to Newcastlemax segments. The shipyard will build five 210,000 DWT Newcastlemax bulk carriers for Cosco Shipping Development. These new vessels feature a methanol and ammonia-ready design, in an operation valued at USD 391,250,000, with deliveries scheduled successively between May and December 2030.

Currently, Nantong Xiangyu operates a production network of two shipyards and four bases, with an annual shipbuilding capacity exceeding 3,000,000 DWT. The company's order book stands at approximately 130 vessels, with delivery schedules extending until 2030.