Greek Shipowner W Marine Orders Three Ultramax Bulk Carriers at Dajin Heavy Industry

Greek dry bulk shipowner W Marine has ordered three 64,500-dwt Ultramax bulk carriers at Jiangsu Dajin Heavy Industry, marking the company’s first significant investment in the Ultramax segment. The contracts were signed in June at approximately $33.5 million per vessel, giving the three-ship order a total value of about $100.5 million. Deliveries are scheduled for May, August and November 2028.

The relatively early delivery slots were a key factor in W Marine’s decision to place the order at the Chinese yard. Dajin’s First Ultramax Customer Identified In May, Dajin’s parent company, Tianhai Defense Technologies, announced that the shipyard had signed contracts with Anhui Guomao Haichang Trading for three 64,500-dwt bulk carriers (hull numbers DJHC6601, DJHC6602 and DJHC6603). Construction is due to begin between May and December 2027.

The latest market reports confirm that W Marine is the ultimate overseas owner behind the order. Differences in reported signing dates reflect the separate stages of the shipbuilding contract, export agency agreement and final owner arrangements. The project is Dajin Heavy Industry’s first Ultramax order and the largest bulk carriers the yard has built to date.

The price of $33.5 million per vessel is slightly below recent market levels for similar Chinese newbuildings, but the 2028 delivery positions strengthened the commercial appeal of the deal. W Marine Expands Beyond Its Core Kamsarmax Fleet Founded in Athens in 2003, W Marine is an integrated shipmanagement and dry bulk operating company. Its fleet of 18 vessels has traditionally focused on the Panamax, Kamsarmax and Post-Panamax segments, with 16 of those ships in the larger classes.

The company currently operates only one Ultramax. The three newbuildings will significantly expand W Marine’s presence in the Ultramax sector. The company first entered the segment in 2024, partly to increase exposure to Indian Ocean trades.

Ultramax vessels are well suited to routes serving India, South Asia, Southeast Asia and other Indian Ocean markets. Equipped with onboard cranes, they can handle a wide range of cargoes — including grain, coal, ores, fertilisers, steel products and project cargoes — and offer greater port flexibility than larger Kamsarmax and Post-Panamax ships. Recent Kamsarmax Deliveries and Broader Newbuilding Programme The Ultramax order follows the recent deliver…