Evalend Shipping has placed a $310m order for a series of newcastlemax bulk carriers at China's Dajin Heavy Industry, marking the Greek owner's entry into the large dry bulk segment.
The order, confirmed by the yard as from a Greek owner with tanker and gas carrier interests, has been linked to the Kriton Lendoudis-led Evalend Shipping by shipbroking and market sources, according to Splash247. The firm portion covers three 211,000 dwt bulkers valued at CNY1.575bn ($232m), with an optional fourth vessel priced at CNY525m ($77m). Evalend has two months to declare the option.
Order Details
The newbuilds are scheduled for delivery across 2029 and 2030, according to the report. The following table summarises the order:
| Vessel | Dwt | Price (CNY) | Price (USD) | Delivery |
|---|---|---|---|---|
| Firm x3 | 211,000 each | 1.575bn total | $232m total | 2029–2030 |
| Option x1 | 211,000 | 525m | ~$77m | TBD |
Strategic Move into Newcastlemax Sector
Evalend Shipping has over 60 vessels in service and another 31 on order across dry bulk, tanker, and gas shipping, Splash247 reported. However, the company had no existing capesize or newcastlemax tonnage before this order. The newcastlemax series, at 211,000 dwt, represents a significant expansion into the largest bulk carrier class, which is primarily used for long-haul iron ore and coal trades.
Shipyard Background
Dajin Heavy Industry has rapidly built a presence in large bulker construction after moving beyond the offshore wind and specialist vessel sectors, according to the report. The Chinese group has also secured newcastlemax orders from Danaos, Cape Shipping, and John Fredriksen’s Seatankers Management. This order reinforces Dajin Heavy’s position as a key builder of large bulk carriers.
Implications for Dry Bulk Operations
For freight forwarders and logistics managers in the dry bulk sector, the order signals long-term confidence in the newcastlemax segment, though deliveries are not expected until 2029–2030. The vessels will add capacity to the global dry bulk fleet, potentially affecting supply-demand balances later this decade. Currently, no immediate changes in spot rates or port congestion are tied to this order, but the expansion of newcastlemax tonnage could influence Transatlantic and Pacific iron ore routes over time. Shippers should monitor the pace of similar orders from other owners, as a surge in newbuild contracts may tighten shipyard capacity and raise newbuilding prices across the sector.
The option vessel, if declared within two months, would add further tonnage. Evalend’s move into newcastlemax highlights a strategic diversification within dry bulk, complementing its existing fleet of smaller bulkers. No further details on financing or chartering were provided in the source.
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