H-Line Shipping orders two Newcastlemax bulk carriers from Chinese shipyard after five years

South Korean shipowner H-Line Shipping returns to the newbuilding market for bulk carriers after five years of inactivity, ordering two vessels from a private Chinese shipyard.

H-Line reportedly ordered two 210,000 deadweight tonnage (DWT) Newcastlemax bulk carriers with dual-fuel liquefied natural gas (LNG) propulsion from New Times Shipbuilding.

The vessels are valued at approximately 94 million dollars each - bringing the total contract value to about 188 million dollars - and their delivery is scheduled for 2030.

These new vessels have been secured under long-term charter contracts with South Korean steelmaker Posco.

Although specific charter details have not been disclosed, past transactions suggest that Posco typically enters into long-term charter agreements of between 15 and 20 years for this type of vessel.

This new shipbuilding project marks the continuity of the alliance between New Times Shipbuilding and H-Line; the shipowner had already placed a follow-up order with the shipyard in 2019 for two 208,000 DWT Newcastlemax bulk carriers. That batch was delivered in 2021, with a reported cost per vessel of around 54 million dollars.

Meanwhile, these last two orders represent H-Line's return to the bulk carrier market after a five-year hiatus; the company had previously ordered three dual-fuel LNG Newcastlemax bulk carriers from CSSC Beihai Shipbuilding.

These vessels were delivered on October 26, 2023, December 18, 2023, and January 22, 2024, respectively.

So far this year, New Times Shipbuilding has publicly announced orders for approximately 30 new vessels (including options), covering the three main sectors of commercial shipping: container ships, bulk carriers, and tankers.

The shipyard's largest single order this year came from Maersk, consisting of eight firm orders plus six options for 18,600 TEU dual-fuel LNG container ships, with deliveries scheduled between 2029 and 2030.