Greek dry bulk owner Iolcos Hellenic Maritime Enterprises has re-entered the newbuilding market with an order for two kamsarmax bulk carriers in China, adding to the global dry bulk fleet and signalling ongoing fleet renewal among Greek shipping groups, according to Splash247.
Order Details
Multiple shipbuilding sources indicate the Athens-based owner has contracted New Dayang Shipbuilding for a pair of 82,000 dwt vessels slated for delivery in 2029, Splash247 reported. The deal was concluded earlier this year, but details have only recently emerged through shipbuilding and market databases.
This order marks Iolcos’ first known newbuilding move since late 2021, when the company booked three kamsarmaxes at COSCO Shipping Heavy Industry Yangzhou. Those vessels have since been delivered and entered service, according to the source.
| Order | Vessels | DWT each | Shipyard | Delivery |
|---|---|---|---|---|
| 2021 (previous) | 3 kamsarmaxes | Not specified | COSCO Shipping Heavy Industry Yangzhou | Delivered |
| 2026 (current) | 2 kamsarmaxes | 82,000 | New Dayang Shipbuilding | 2029 |
Company Background
Founded in 1982, Iolcos has managed more than 50 bulk carriers over its history and currently operates a fleet of about 18 dry bulk vessels, Splash247 reported. The company’s return to the newbuilding market after a five-year gap reflects its long-term commitment to the dry bulk sector.
Industry Context
Recent weeks have seen several Greek shipping groups linked to newbuilding activity in the kamsarmax segment, according to the source. Evangelos Marinakis-controlled interests and Aristides Pittas-led companies have booked kamsarmaxes at China’s Hengli Heavy Industries. Meanwhile, Polys Hajioannou’s Safe Bulkers continues to pursue a newbuilding programme in Japan. This collective ordering activity points to sustained investment in the medium-sized bulk carrier segment, which is widely used for grain, coal, and minor bulk commodities on both the Atlantic and Pacific basins.
Implications for Shippers and Operators
For freight forwarders, logistics managers, and dry bulk charterers, the addition of two kamsarmaxes to the fleet by 2029—along with other Greek orders—will incrementally increase available capacity on key trade lanes such as the transatlantic grain trade and Pacific coal routes. While the immediate impact on spot rates will not be felt until 2029, the order signal suggests that owners expect healthy demand or anticipate replacing aging tonnage. Shippers should monitor the global dry bulk orderbook, as further orders from Greek and other owners could soften rate expectations for medium-sized bulkers in the medium term.
Watch List
- Delivery of Iolcos’ two kamsarmaxes at New Dayang in 2029
- Newbuilding orders from Marinakis, Pittas, and Safe Bulkers that could add further kamsarmax capacity
- Potential orderbook updates from Chinese and Japanese shipyards for the dry bulk segment
- Changes in dry bulk freight rates (Baltic Dry Index segments) that may influence further ordering
Sources:
