Evalend Shipping, the Greek shipowner, has decided not to proceed with the option to build a new 211,000 dwt ship at Dajin Heavy Industry in China. This decision means the removal of a ship worth 525 million yuan (78 million dollars) from the factory's production line.
Contract Details and Impacts
Dajin announced that the option related to the contract for the construction of three ships plus one ship signed in July has expired, and the Greek customer decided not to continue the contract after negotiations between the parties. Currently, three ships with a total value of 1.575 billion yuan (approximately 235 million dollars) are being ordered at the subsidiary Tangshan Dajin, with completion scheduled for 2029 and 2030.
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The initial contract had a maximum value of 2.1 billion yuan (313 million dollars), which could have been achieved if an additional ship was announced. Dajin also noted that this decision is not considered a breach of contract and carries no penalties. This Chinese group also does not expect this decision to have a significant impact on the production schedule or financial performance for the year 2026.
Developments in the Shipbuilding Market
Although Dajin did not specify the customer in its report, Chinese shipbuilding market reports have attributed this contract to Evalend Shipping, led by Kryston Landoudis. Evalend Shipping has recently been reported as the buyer of this series of ships, indicating this Greek owner's entry into the Newcastlemax sector.
The Evalend Shipping group has since been linked to further investments in tankers and bulk carriers in Asia, including the purchase of four LR1 product tankers at Yangzijiang Shipbuilding. Other Greek owners have also turned to Dajin for Newcastlemax vessels. For example, Danaos Corporation, led by John Costas, has four 211,000 dwt ships on order for delivery in 2028, while the Adrianopoulos family, Cape Shipping, has ordered two ships of the same size for 2029 worth approximately 153 million dollars. These two programs represent a total investment of about 450 million dollars.
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