Athens-based bulker owner Veritas Shipmanagement has returned to COSCO Shipping Heavy Industry in Zhoushan for a fresh pair of ultramax bulk carriers, extending a newbuilding relationship with the Chinese yard that dates back to 2023, according to Splash247.
Local shipbrokers list Veritas as the buyer of two 64,000 dwt bulkers at COSCO Zhoushan, with delivery in 2030, Splash247 reported. No contract price has been disclosed, the news outlet noted. The order represents the second reported ultramax contract between the Greek owner and the yard in recent years, following a four-vessel order booked in 2023.
Pricing benchmark
Xclusiv, a market assessment source cited by Splash247, currently assesses a standard Chinese-built ultramax newbuilding at around $36m. At that level, a two-ship programme would come to roughly $72m if contracted close to prevailing levels. Splash247 was careful to note that no contract price has been disclosed for the Veritas pair, so the actual cost could differ.
| Contract / benchmark | Vessel size | Number of ships | Delivery / timing | Price |
|---|---|---|---|---|
| New Veritas order | 64,000 dwt | 2 | 2030 | Not disclosed |
| 2023 Veritas order | 63,600 dwt | 4 | Starting mid-decade | Not disclosed |
| Xclusiv ultramax benchmark | Standard Chinese-built | — | Current assessment | Around $36m |
Existing relationship with COSCO Zhoushan
The Athens-based owner is no stranger to COSCO Zhoushan, according to Splash247. Veritas booked four 63,600 dwt ultramaxes at the yard in 2023, with deliveries starting in the middle of this decade. The company's own fleet page currently lists two recently delivered COSCO-built ultramaxes, one from 2025 and another from 2026, showing that the relationship has already produced completed tonnage.
Key details from the Splash247 report:
- Buyer: Veritas Shipmanagement, based in Athens
- Yard: COSCO Shipping Heavy Industry, Zhoushan
- New order: two 64,000 dwt ultramax bulk carriers
- Delivery: 2030
- Price: not disclosed; Xclusiv benchmark at around $36m per vessel
Implications for dry bulk operators
For freight forwarders, charterers and dry bulk specialists tracking future fleet supply, the repeat order adds two 64,000 dwt bulkers to the forward orderbook at COSCO Shipping Heavy Industry. It also reinforces the pattern of repeat newbuilding business between the Greek owner and the Chinese yard: two earlier vessels are already in Veritas' fleet, four more are due from mid-decade, and the new pair is scheduled for 2030.
The Xclusiv benchmark gives market participants a reference point for ultramax newbuilding pricing, though the actual contract value for the new pair has not been made public. Vessel size details in the report are limited to the dwt figures: 64,000 dwt for the new order and 63,600 dwt for the 2023 order.
Watch list
- Delivery timing of the two new 64,000 dwt bulkers at COSCO Zhoushan
- Any further disclosure of the contract price for the pair
- Xclusiv's assessment of Chinese-built ultramax newbuilding prices
- Progress of the four 63,600 dwt ultramaxes ordered in 2023
Sources:
