Agreements for the construction of bulk carriers by Greek shipowners are increasing this year, with interest mainly focused on medium-sized kamsarmax vessels.
New orders have reportedly been placed by TMS Dry, owned by George Economou, and by Carras (Hellas).
The dry bulk carrier arm of Economou’s shipping group reportedly agreed with China’s Nantong Xiangyu shipyard to order four kamsarmaxes, each with a capacity of 82,000 dwt. Each ship is expected to cost about 35 million dollars, so the total value of the deal is close to 140 million dollars. Delivery of the ships is expected as of mid-2026.
This is not the first agreement between Economou’s group and the specific shipyard. As “Naftemporiki” has reported, the two sides have agreed on the construction of at least seven ultramax bulk carriers over the last year.
The shipowner implements an expanded shipbuilding program in all shipping markets. This year alone, it has ordered a total of 15 ships worth more than 800 million dollars, according to data that “Naftemporiki” collected from various shipping sources and databases. The majority are bulk carriers, while the order book also includes several tankers.
Two for Carras (Hellas)
According to freight brokers, Carras (Hellas) has reportedly ordered two kamsarmax vessels at Cosco’s Chinese shipyard, estimated to be delivered in the first half of 2026. Freight brokers value each ship at 36 million dollars.
This is the Greek company’s first deal for newly built vessels since 2021, when it ordered two bulkers of the same type at the Japanese shipyard Oshima. The latter, in fact, were received in March, according to the Equasis data platform.
The same source said that the Carras (Hellas) fleet includes 11 dry bulk carriers.
“Jump” in Greek deals
According to “Naftemporiki,” from the beginning of 2023 until October, Greek shipowners ordered a total of 71 bulk carriers.
It is noted that in 2022, the “Greeks” had ordered only 27 bulkers, based on research published by “Naftemporiki” at the beginning of this year. In other words, this year’s deals have more than doubled, registering an annual increase of almost 163%.
The Chinese are the biggest recipients of this year’s deals, mainly because of cost. Specifically, a total of 56 ships will be built in Chinese shipyards and the remaining 15 in Japan.
The majority of contracts for dry bulk carriers were signed this year by George Prokopiou’s Sea Traders and TMS Dry.
Meanwhile, panamaxes have attracted the majority of the orders so far in 2023, for a total of 184 vessels, according to figures recently published by shipping firm Ifchor Galbraiths.
Regarding kamsarmax vessels, based on the same source, 122 ships have been placed on order.
“Not only do they record 86% year-on-year growth, the 2023 panamaxes have exceeded the average contracts of the last 20 years (140 ships per year),” Ifchor Galbraiths analysts pointed out.
