Three 64,000-ton bulk carriers! Xiangyu Marine Equipment has secured its first order from a long-established Monégasque shipowner.

Recently, Monaco-based shipowner Gestion Maritime made its debut in the Ultramax bulk carrier market by placing an order with Nantong Xiangyu Shipbuilding for three 64,000-dwt bulk carriers.

These new vessels are expected to be delivered between late 2028 and early 2029, with each ship costing just over US$30 million, bringing the total order value to more than US$90 million (approximately RMB 600 million). This order marks Gestion Maritime’s expansion of its fleet portfolio from traditional Panamax and Kamsarmax bulk carriers into a new vessel class.

For reference, Clarkson data show that the current price of a new 61,000–64,500 dwt Ultramax bulk carrier is approximately US$36 million, up from US$33.25 million at the same time last year.

According to reports, this marks Gestion Maritime’s first-ever order for new vessels from a Chinese shipyard. The company currently operates six bulk carriers—three Panamax‑class and three Kamsarmax‑class ships—all built by Japanese and South Korean shipbuilders. In recent years, it has adjusted its fleet size by divesting certain vessels; the upcoming order for three Ultramax‑class bulk carriers will further optimize its fleet mix and enhance the flexibility of its vessel portfolio.

Gestion Maritime is a long-established shipping company whose history dates back to the Corrado shipping family in 1908. For many years, the company has primarily pursued a ship‑asset trading strategy: acquiring vessels when prices are relatively low and selling them when market conditions improve, thereby capitalizing on investment opportunities arising from fluctuations in shipping asset values.

In 2019, Gestion Maritime sold two MR‑type product tankers built in 2015 to a buyer affiliated with Hafnia at US$31 million per vessel, thereby exiting the product tanker market and refocusing its operations on dry bulk shipping.

For Xiangyu Marine Equipment, this order further strengthens its competitive edge in the Ultramax bulk carrier construction market.

Ultramax bulk carriers are one of Xiangyu Marine’s flagship product lines. In July this year, Xiangyu Marine delivered the 63,800‑dwt bulk carrier “Yuanhai Songtao,” built for Xiamen Financial Leasing and COSCO Bulk Shipping, marking the company’s 100th Ultramax‑type bulk carrier.

After years of development, the 63,800‑dwt Ultramax bulk carrier has become a flagship vessel type that epitomizes Xiangyu Marine’s competitive edge. To date, the series has accumulated orders for approximately 170 ships, serving nearly 40 shipowners worldwide. According to Clarkson data, Xiangyu Marine ranks among the global leaders in terms of its order book for Ultramax bulk carriers.

Excluding the latest orders, Clarkson’s data show that, as of now, Xiangyu Marine Engineering holds a total of 124 vessels with a combined deadweight tonnage of 8.58 million DWT. This includes 63 bulk carriers, 2 container ships, and 21 chemical tankers at Nantong Xiangyu Marine Engineering, as well as 32 bulk carriers, 4 multipurpose vessels, 1 deck cargo vessel, and 1 cable‑laying ship at Qidong Xiangyu Marine Engineering, with delivery schedules extending through 2030.