Securing major ship orders one after another! The “low-key” private-sector shipbuilding giant has reclaimed its leading position.

Securing back-to-back new orders from two South Korean shipowners has enabled New Era Shipbuilding—once the leading private shipbuilder in China’s large bulk carrier segment—to reclaim its traditional stronghold in this vessel type, while also bringing this low-key private shipbuilding giant back into the public spotlight.

Wooyang has ordered four tri-fuel Newcastlemax bulk carriers to serve Vale’s contract.

According to TradeWinds, South Korean mid-sized bulk carrier owner Wooyang Shipping recently placed an order with New Times Shipbuilding for four tri-fuel 210,000-dwt Newcastlemax bulk carriers. The newbuilds will be capable of operating on ethanol, methanol, and high-sulfur fuel oil (HSFO), with delivery expected in 2030.

Wooyang Shipping executives confirmed the order, noting that all four new vessels are backed by 25-year time charter contracts with Vale, totaling US$1.65 billion, and that Vale also holds an option to extend the contract term by up to five years. The Korea Development Bank and the Export-Import Bank of Korea are reportedly set to provide financing for the newbuilds.

Shipbuilding industry sources estimate that the current construction cost of a tri-fuel Newcastlemax bulk carrier ranges from US$110 million to US$120 million. Based on this, the total contract value is approximately US$480 million (about RMB 3.22 billion).

For reference, Clarkson data indicate that the current price of a newly built 210,000–212,000-dwt Newcastlemax bulk carrier stands at approximately USD 79 million, up from USD 77 million at the same time last year.

Wooyang entered the large bulk carrier market only last year, acquiring two 325,000‑dwt Guaibamax‑class very large ore carriers (VLOCs) from SK Shipping: the “Wooyang Moria” (formerly the “Iron Mountain”) and the “Wooyang Erebor” (formerly the “K Premium Ore”). Both vessels were built in 2020 by Dalian Shipbuilding.

SK Shipping ordered these two VLOCs in 2018 at a cost of approximately US$76 million per vessel, securing a 20-year time charter agreement with Vale. Wooyang acquired them for about US$65 million each and continues to fulfill Vale’s long-term contract.

According to data from the company’s official website, Wooyang Shipping was founded in 1982 and currently operates a fleet of 17 vessels. With the exception of two Very Large Ore Carriers (VLOCs), the remaining 15 ships are all medium- and small-sized, including 11 handy-size bulk carriers and four general cargo vessels with a deadweight tonnage of less than 7,500 tons.

Wooyang’s latest order marks the most recent milestone in Vale’s new round of fleet expansion. According to reports, Vale has already launched a tender for approximately 20 state-of-the-art, tri-fuel‑powered Newcastlemax bulk carriers, each with a deadweight of 210,000 tonnes. The company plans to operate this fleet under long-term time charter agreements lasting more than 25 years or through long-term contracts of affreightment (COAs). In addition to their tri-fuel propulsion systems, these new vessels will be equipped with scrubbers, rotor sails, air lubrication systems, and shaft generators—advanced energy‑saving and emission‑reduction technologies designed to further cut carbon emissions across the shipping value chain.

Earlier in August, South Korea’s Polaris Shipping placed an order with Qingdao Beihai Shipbuilding for four 210,000‑dwt tri-fuel Newcastlemax bulk carriers. Meanwhile, another Korean shipowner, HMM, recently signed a $3.5 billion time charter agreement with Vale to commission eight vessels of the same type, with reports indicating that these ships will be built by Yangzijiang Shipbuilding.

H-Line has placed an order for two LNG‑dual‑fuel bulk carriers, marking New Times Shipbuilding’s return to the large bulk carrier market.

Meanwhile, South Korean shipowner H-Line Shipping recently placed an order with ShinKong Shipbuilding for two 210,000‑dwt LNG‑fueled Newcastlemax bulk carriers. Each vessel is valued at approximately USD 94 million, bringing the total contract value to about USD 188 million (roughly RMB 1.262 billion), with delivery scheduled for 2030.

According to reports, the two new vessels have secured long-term time charter contracts from South Korean steel giant POSCO. While the exact contract duration and freight rates remain undisclosed, industry sources indicate that POSCO typically locks in newbuild capacity through 15- to 20-year time charters.

This marks H-Line’s first order for bulk carriers since early 2021. At that time, the company placed an order with Qingdao Beihai Shipbuilding for three 210,100-dwt LNG‑dual‑fuel Newcastlemax‑class bulkers, each valued at approximately USD 67 million. The three vessels—“HL Hope” and “HL Future,” both built in 2023, and “HL Trust,” built in 2024—have all been contracted to Rio Tinto under long-term charters ranging from five to seven years, with options to renew.

Compared with approximately US$67 million in 2021, the unit price of this H‑Line order at New Times Shipbuilding has risen to about US$94 million, an increase of roughly 40% over five years, reflecting the overall upward trend in newbuilding prices.

According to data from the company’s official website, H-Line currently operates 59 vessels, including 10 LNG carriers, 7 car carriers, and 42 bulk carriers, with an additional 13 LNG carriers under construction. The majority of the company’s fleet is deployed under long-term time charter agreements, serving customers such as POSCO, Korea Electric Power Corp., Hyundai Steel, and other Korean power and steel companies, as well as global mining firms like Vale.

The back-to-back orders from two South Korean shipowners signal that New Era Shipbuilding is returning to its traditional strength: the construction of large bulk carriers.

New Era Shipbuilding was once one of China’s leading shipyards for building large bulk carriers. According to Clarkson data, in the segment of large bulk carriers with a deadweight tonnage of 100,000 tons or more, New Era Shipbuilding has delivered a total of 98 vessels, ranking second domestically—behind only Waigaoqiao Shipbuilding, which has delivered 267.

Between 2018 and 2021, Newcastlemax bulk carriers were once the mainstay vessel type for New Times Shipbuilding. However, in recent years, as market demand and shipyard capacity structures have evolved, the company’s order intake has gradually shifted toward oil tankers and container ships.

According to reports, the last time New Times Shipbuilding secured a bulk carrier order was in June 2024, when China Merchants Energy Shipping placed an order for eight 210,000‑dwt Newcastlemax‑class bulk carriers. Prior to that, the shipyard’s previous Newcastlemax‑class bulk carrier order dated back to 2021.

Founded in 1971, New Era Shipbuilding is the nation’s first local shipyard to build 10,000‑ton class vessels (in 1996) and the country’s first private shipyard to construct large LNG‑dual‑fuel powered ships (in 2019). Currently, the company ranks among the top domestic shipbuilders in terms of orders for LNG‑dual‑fuel vessels.

At present, New Times Shipbuilding’s order book remains dominated by oil tankers and container ships. Excluding its most recent orders, Clarkson’s data shows that the shipyard currently holds a total of 160 vessels amounting to 6.64 million deadweight tons, comprising eight bulk carriers, 83 oil tankers, and 69 container ships, with delivery schedules extending through 2030.