Greek dry bulk shipowner W Marine has ordered three 64,500-dwt Ultramax bulk carriers at Jiangsu Dajin Heavy Industry, marking the company’s first significant investment in the Ultramax segment.
The contracts were signed in June at approximately $33.5 million per vessel, giving the three-ship order a total value of about $100.5 million. Deliveries are scheduled for May, August and November 2028. The relatively early delivery slots were a key factor in W Marine’s decision to place the order at the Chinese yard.
Dajin’s First Ultramax Customer Identified
In May, Dajin’s parent company, Tianhai Defense Technologies, announced that the shipyard had signed contracts with Anhui Guomao Haichang Trading for three 64,500-dwt bulk carriers (hull numbers DJHC6601, DJHC6602 and DJHC6603). Construction is due to begin between May and December 2027.
The latest market reports confirm that W Marine is the ultimate overseas owner behind the order. Differences in reported signing dates reflect the separate stages of the shipbuilding contract, export agency agreement and final owner arrangements.
The project is Dajin Heavy Industry’s first Ultramax order and the largest bulk carriers the yard has built to date. The price of $33.5 million per vessel is slightly below recent market levels for similar Chinese newbuildings, but the 2028 delivery positions strengthened the commercial appeal of the deal.
W Marine Expands Beyond Its Core Kamsarmax Fleet
Founded in Athens in 2003, W Marine is an integrated shipmanagement and dry bulk operating company. Its fleet of 18 vessels has traditionally focused on the Panamax, Kamsarmax and Post-Panamax segments, with 16 of those ships in the larger classes. The company currently operates only one Ultramax.
The three newbuildings will significantly expand W Marine’s presence in the Ultramax sector. The company first entered the segment in 2024, partly to increase exposure to Indian Ocean trades.
Ultramax vessels are well suited to routes serving India, South Asia, Southeast Asia and other Indian Ocean markets. Equipped with onboard cranes, they can handle a wide range of cargoes — including grain, coal, ores, fertilisers, steel products and project cargoes — and offer greater port flexibility than larger Kamsarmax and Post-Panamax ships.
Recent Kamsarmax Deliveries and Broader Newbuilding Programme
The Ultramax order follows the recent delivery of two 82,000-dwt Kamsarmax bulk carriers built for W Marine by CSSC Chengxi Shipyard. Named W-Malvina and W-Mary after family members of company principal Yiannis Sarantitis, the vessels were handed over earlier in July.
W Marine’s current newbuilding programme also includes two 1,800-teu feeder containerships due for delivery in 2028. The company is therefore expected to take delivery of at least five new vessels that year, further diversifying its fleet across Kamsarmax, Ultramax and feeder container segments.
Dajin Builds a More Diverse Orderbook
Jiangsu Dajin Heavy Industry, a wholly owned subsidiary of Shenzhen-listed Tianhai Defense Technologies, has rapidly expanded beyond its traditional multipurpose, specialised and offshore support vessels.
Recent orders include:
- Two 4,000-dwt platform supply vessels for Malaysia’s Nam Cheong Dockyard
- One 40,400-dwt bulk carrier for a Chinese leasing company
- Five 1,064-teu containerships and two 6,600-dwt multipurpose dry cargo vessels
- A major programme of up to ten ice-class multipurpose vessels (eight firm + two options) for Dutch owner Wagenborg Shipping and UK-based Carisbrooke Shipping
Dajin’s orderbook now spans bulk carriers, feeder containerships, multipurpose ships and offshore support vessels, with clients from China, Greece, the Netherlands, the United Kingdom and Southeast Asia.
Delivery Availability Becomes a Competitive Advantage
W Marine’s decision underlines the growing importance of delivery availability in today’s newbuilding market. Many leading Chinese, South Korean and Japanese yards have orderbooks extending into 2029 and beyond. Owners seeking earlier slots are increasingly turning to expanding Chinese yards that can offer suitable designs, competitive pricing and realistic schedules.
For Dajin, the W Marine order provides its first Ultramax reference project and strengthens its credentials with international shipowners. For W Marine, the three vessels will add a more flexible ship type to a fleet currently dominated by larger tonnage, supporting its expansion into Indian Ocean and regional dry bulk trades when they enter service in 2028.