Aruna Shipping, the Istanbul-based dry bulk owner, has placed a significant order for up to 10 ultramax bulk carriers at Yangzhou Guoyu Shipbuilding's new Zhoushan yard, a programme that could more than double its owned fleet, according to Splash247. The deal signals a major fleet expansion for Aruna and a continued build-out of the Chinese shipbuilder's orderbook under new ownership.
The order comprises six firm 64,500 deadweight tonne (dwt) vessels, with options for an additional four ships, Splash247 reported, citing shipbuilding databases. The contract was signed in April, with deliveries slated to begin in the second quarter of 2028 and continue through 2030. Market estimates place the price at around $35 million per vessel, valuing the firm portion at approximately $210 million and the full programme — including all options — at as much as $350 million.
Aruna currently operates eight supramax bulkers, all carrying the family owner's name, according to its own fleet list. This order will take the company into larger and newer dry bulk tonnage, as ultramaxes offer greater efficiency and cargo capacity compared to supramaxes.
Order details and yard activity
The following table summarises the key parameters of the order:
| Category | Detail |
|---|---|
| Firm vessels | 6 × 64,500 dwt ultramax bulkers |
| Optional vessels | 4 × 64,500 dwt ultramax bulkers |
| Estimated price per vessel | ~$35 million |
| Firm portion value | ~$210 million |
| Full programme value | ~$350 million |
| Delivery window | Q2 2028 to 2030 |
The order also bolsters Yangzhou Guoyu Shipbuilding's orderbook. Splash247 noted last week that Shanghai Changshun had firmed up four additional 6,150 TEU containerships at Guoyu, bringing its series at the yard to 10 ships. The yard has also moved into car carriers and added several other boxship programmes.
Implications for dry bulk shipping
For freight forwarders and logistics managers, this order represents a long-term capacity addition to the dry bulk fleet. While the vessels will not be delivered for another two to four years, the investment indicates confidence in future demand for bulk commodities. The shift from supramax to ultramax tonnage by a mid-sized owner like Aruna reflects a broader trend toward larger, more fuel-efficient bulkers.
Operators should monitor the ramp-up of Chinese shipyard capacity, as yards like Guoyu are building across multiple segments — bulkers, containerships, and car carriers — which could affect construction timelines and pricing. The 2028-2030 delivery window means these vessels will enter service during a period when environmental regulations and fuel transition pathways will be more defined.
Watch list
- Potential follow-on orders from Aruna on the options; execution will depend on market conditions.
- Yangzhou Guoyu Shipbuilding's ability to deliver on time given its expanding orderbook across multiple ship types.
- Further ordering by other Turkish shipowners, who have been active in the secondhand market.
- Dry bulk freight rate trends as newbuilding delivery schedules lengthen into the late 2020s.
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