Gestion Maritime, a Monaco-based shipowner, is entering a new segment of the shipping market by placing an order for three Ultra Max bulk carriers with a capacity of 64,000 deadweight tons at the Nantong Xiangyu Shipbuilding and Marine Engineering Company in China. This order is seen as a significant step towards expanding the fleet of this company, which has traditionally focused on Panamax and Kamsarmax vessels.
Order Details and Costs
The new ships are expected to be delivered between the end of 2028 and early 2029, with each one estimated to cost around $30 million. The total investment for this new contract will exceed $90 million. These ships will be added to the traditional fleet, which is compatible with vessels built in Japan and South Korea, to update and diversify it.
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History and Strategy of Gestion Maritime
Gestion Maritime, which has its roots in 1908 with the Corado shipping family, has historically followed an asset trading strategy, purchasing ships when prices are low and divesting assets during stronger market periods. In 2019, the company exited the product tanker segment by selling two MR ships built in 2015 to Hafnia interests for $31 million each, refocusing on dry cargo.
The new shipbuilding contract adds more international owners to Nantong Xiangyu, the Chinese builder. This builder delivered its first Ultra Max vessel in July and continues to attract orders for ships ranging from 63,500 to 64,000 deadweight tons. This trend reflects the growth and development of this builder in the global shipbuilding industry.
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