Greek shipowner DryDel Shipping has locked in long-term employment for all four of its 182,000 dwt capesize newbuildings, fixing the vessels to Japan's K Line on five-year time charters years before they are due for delivery, according to Splash247.
The 182,000 dwt quartet, under construction at Namura Shipbuilding, will enter the charters upon delivery. Two ships are scheduled to join the fleet in 2028 and the remaining pair in 2029. The contracts mark DryDel's first move into the capesize segment and come less than a year after the company expanded its Namura orderbook from two ships to four, Splash247 reported.
All four 182,000 dwt capesize newbuildings are now covered by five-year time charters with K Line.
Charter deal at a glance
| Vessels | Deadweight | Shipyard | Charterer | Charter term | Delivery |
|---|---|---|---|---|---|
| 2 capesize bulkers | 182,000 dwt each | Namura Shipbuilding | K Line | 5 years | 2028 |
| 2 capesize bulkers | 182,000 dwt each | Namura Shipbuilding | K Line | 5 years | 2029 |
Hybrid charter structure
DryDel said the vessels have been fixed on hybrid charter structures combining a guaranteed earnings floor with exposure to the capesize market, according to Splash247. This structure allows the owner to retain upside if freight rates strengthen while securing long-term revenue visibility. For K Line, the deal secures modern, scrubber-fitted tonnage over a five-year horizon.
The scrubber-fitted ships are being built to Tier III and EEDI Phase 3 standards, making them compliant with current emissions regulations. They form part of DryDel's strategy of investing exclusively in Japanese-built tonnage, the shipping publication reported.
Fleet expansion through Japanese yards
The owner currently has 13 dry bulk vessels under construction at Japanese yards after investing more than $1bn in newbuildings since 2019. Splash247 reported last December that DryDel had doubled its capesize orderbook by returning to Namura for a fourth vessel, continuing a rapid fleet expansion programme centred on Japanese shipbuilders.
The company has since added further kamsarmax and ultramax orders at Shin Kurushima, Nihon Shipyard and Oshima, extending its orderbook through 2030. This latest charter deal provides a revenue backdrop for the first two capesize deliveries while the rest of the newbuild fleet continues to take shape.
Implications for dry bulk operators
For the dry bulk market, the transaction locks in a significant block of capesize capacity for five years, reducing the number of modern vessels available on the spot market from 2028 onward. Shippers and charterers seeking large-tonnage coverage may need to factor in this reduced spot supply when planning forward freight positions. Meanwhile, DryDel benefits from a guaranteed earnings floor on its newbuilds while retaining upside if capesize rates strengthen, according to the company's statement carried by Splash247.
Watch list
- Delivery of the first two capesize newbuilds from Namura Shipbuilding in 2028 and the second pair in 2029.
- Further kamsarmax and ultramax deliveries at Shin Kurushima, Nihon Shipyard and Oshima through 2030.
- Whether DryDel secures similar charter cover for its remaining newbuild tonnage, which now extends beyond the four capesize vessels.
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