4 vessels! Greek shipowner signs first container ship order in China

Greek dry bulk carrier operator W Marine is making its first foray into the container ship market, signing its first order at a Chinese shipyard.

According to TradeWinds, W Marine has signed a letter of intent with Huanghe Shipbuilding for the construction of 2+2 1800TEU container ships. The new vessels will use traditional fuel, have no loading and unloading equipment, and are expected to be delivered in 2028. The specific price has not yet been disclosed. For reference, Clarksons' data shows that the price of a new 1800-2100TEU container ship is currently around US\$32 million (approximately RMB 231 million), a 2% increase compared to US\$31.5 million in the same period last year.

W Marine Managing Director Nikos Triantafyllakis confirmed the order. He said that 2028 will be an important year for the transformation of the container shipping market. At that time, the aging global container ship fleet will be in urgent need of renewal, and charterers will also be eager to lease modern ships. A large number of old ships will have to be withdrawn from the market.

W Marine believes that the ordered container ships will complement its existing and under-construction fleet of 18 Panamax and Post-Panamax bulk carriers. Triantafyllakis pointed out: \"This is an ideal move for us, as it allows us to diversify our fleet and update our fleet with vessels equipped with the latest technology.\"

Previously, W Marine's investment focus has been on bulk carriers that can operate flexibly in the Indian Ocean region. The company believes that the Indian Ocean region has huge economic growth potential, and its planned container ships can operate anywhere in the world according to the needs of charterers.

W Marine views this investment in container ships as an extension of its existing strategy. Triantafyllakis said: \"With this layout, we will participate in both bulk commodity transportation and finished consumer goods transportation.\"

It is understood that W Marine's current operating fleet includes 16 bulk carriers, mainly Post-Panamax and Kamsarmax bulk carriers. These vessels were all acquired through the purchase of second-hand vessels, many of which were built in Chinese shipyards between 2010 and 2016. At the beginning of last year, the company returned to the newbuilding market after 16 years, ordering two Kamsarmax bulk carriers from China Shipbuilding Corporation's Chengxi shipyard, which are expected to be delivered in 2026.

The 1800TEU container ships ordered by W Marine are Huanghe Shipbuilding's main ship type in recent years. Since 2022, Huanghe Shipbuilding has undertaken a large number of orders for 1800TEU container ships, achieving internationalization, large-scale, batch, series, and specialization in the production and operation of 1800TEU container ships. According to Clarksons' data, Huanghe Shipbuilding currently ranks first in the world in terms of backlog orders for feeder container ships below 3000TEU, with a total of 34 vessels.

It is understood that Huanghe Shipbuilding was founded in 1944. In recent years, the company has actively responded to the national \"strong marine power\" strategy, seized the historical opportunity of the transformation of old and new kinetic energy, and focused on structural adjustment and product transformation. In the fields of large passenger-roll-on/roll-off ships, passenger-cargo ships, multi-purpose heavy-lift ships, and large deep-sea fishing vessels, it has forged a development path with Huanghe characteristics. Currently, Huanghe Shipbuilding has developed into an important base in China for the construction of passenger-roll-on/roll-off ships, multi-purpose heavy-lift ships, and special vessels.

Excluding the latest order, Clarksons' data shows that Huanghe Shipbuilding currently has a total backlog of 80 vessels with a deadweight tonnage of 2.1938 million. This includes 34 container ships, 15 multi-purpose heavy-lift ships, 10 chemical tankers, 16 general cargo ships, 4 open-top bulk carriers, and 1 other type of vessel. Delivery arrangements extend to 2028.