Four Vessels Worth Over RMB 2 Billion: Wuhu Shipyard Secures Major Bulk Carrier Orders

More than a decade after its last foray, German shipowner Reederei Nord has returned to the newbuilding market, securing its first large bulk carrier order from a Chinese shipyard.

According to TradeWinds, Reederei Nord recently signed a 2+2 shipbuilding contract with Wuhu Shipyard for the construction of Newcastlemax bulk carriers, each with a deadweight of 211,000 tonnes. The new vessels are scheduled for delivery between 2028 and 2029. While the exact price per vessel has not been disclosed, shipbrokers estimate that each will cost around US$75 million, bringing the total value of the deal to US$300 million (approximately RMB 2.048 billion) once the option orders are confirmed.

For reference, Clarkson’s data show that the current price for a newbuild 210,000–212,000-dwt Newcastlemax bulk carrier is US$75.5 million (approximately RMB 516 million), up about 3% from US$73.5 million at the same time last year.

Kurt Klemme, Managing Director and CEO of Reederei Nord, confirmed the order. He disclosed that the new vessels will be built at the former Rongsheng Heavy Industries shipyard, and the company has already secured time charter contracts for them, with two vessels under seven-year charters and the other two under five-year charters.

Klemme stated that Reederei Nord has gradually increased its willingness to invest in vessels in recent years and is “willing to accept lower equity returns on such Newcastlemax projects, thereby achieving industrial-scale investment through forward charter arrangements aligned with shipbuilding contracts.”

He pointed out that, in the past, the company’s bulk carriers were predominantly in the 38,000–75,000 dwt range and mostly operated on the spot market; compared with the historical average earnings level of the bulk shipping market over the past two decades, secondhand and newbuild prices for such small- and medium-sized bulk carriers are currently excessively high.

According to available information, Reederei Nord is a traditional family-owned shipowner and ship management company founded in 1964 by Klaus E. Oldendorff and currently led by brothers Christian Oldendorff and Nikolaus Oldendorff. According to data on its official website, the company owns and operates a fleet of 29 vessels, including eight oil tankers, ten bulk carriers, and eleven container ships with capacities ranging from 1,700 to 2,500 TEUs. In addition, the company manages three feeder container vessels. The company’s oil tanker fleet is operated by N2 Tankers, a joint venture between Reederei Nord and the Japanese shipowner Nisshin Shipping, and comprises 11 tankers.

Earlier this year, Wuhu Shipyard leased the shipyard dock and surrounding production facilities from Rongsheng Heavy Industries to establish a Nantong base. By leveraging Rongsheng Heavy Industries’ substantial production capacity, Wuhu Shipyard will gain the capability to build large vessels, significantly enhancing its market competitiveness; moreover, the project has received strong support from the Nantong local government.

Wuhu Shipyard primarily leverages the facilities of Rongsheng Heavy Industries to carry out large-scale block and section assembly, as well as in-dock outfitting, for shipbuilding, while other processes are outsourced to partner workshops. According to insiders, Wuhu Shipyard plans to use Rongsheng Heavy Industries’ dry dock to build VLCCs, car carriers, and Newcastlemax bulk carriers.

According to available information, Wuhu Shipyard traces its origins to the Foji Heng Machinery Factory, founded in 1900, giving it a history of 126 years. In 2007, Chery acquired Wuhu Shipyard and, following asset restructuring and corporate reform, reorganized it into Wuhu Xinlian Shipbuilding Co., Ltd. The company relocated to a new facility in Sanshan in 2010. It is now known as Wuhu Shipyard Co., Ltd. and is recognized as a leading modern shipbuilding enterprise in China. In 2025, Wuhu Shipyard achieved double-digit growth in revenue, profit, and output value, with its output value surpassing RMB 10 billion two years ahead of schedule.

Excluding the most recent orders, Clarkson’s data show that, as of now, Wuhu Shipyard holds a total of 126 vessels amounting to 4.58 million deadweight tons, comprising 67 chemical tankers, 26 bulk carriers, 16 multi-purpose vessels, 5 container ships, 4 general cargo vessels, 4 offshore support vessels, and 4 other vessel types, with delivery schedules extending through 2029.