The Greek company Pavimar has recently signed a contract for the construction of four semi-submersible ships (Kamsarmax) with Hengli Heavy Industries in China. This contract, recognized as a rare move in the new shipbuilding market by this company, includes the delivery of the ships by 2029.
Contract Details and Estimated Value
The details of the contract price have not yet been officially announced, but according to market experts' assessments, the price of the new semi-submersible ships built in China is estimated to be between $37.5 million and $38.5 million per ship. This means that the total value of this program is likely to be between $150 million and $154 million.
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Pavimar's Activity History and Business Relations
This contract marks Pavimar's first move into new ship construction after years of operating in the second-hand ship market. As a private company, Pavimar manages 23 cargo ships of various sizes, including handmade-sized ships and capesize vessels. Panamax and Kamsarmax ships are considered the main part of the company's fleet.
Earlier this year, Pavimar was linked to the purchase of the ship Aura, built in 2014 and with a capacity of 37,700 tons deadweight. This ship was purchased for approximately $20 million. Additionally, Ismini Panagiotidi, the company's manager, also leads the ownership of the non-listed cargo ship company Icon Energy, which is commercially related to Pavimar's ship management activities.
Icon Energy entered public markets in 2024 and subsequently expanded its fleet through second-hand purchases, including acquiring its first semi-submersible ship.
Growing Order Trends in Dalian
The new contracts with Hengli add another name from Greek owners to the growing list of owners turning to the Dalian shipbuilding group. Hengli is attracting significant orders for cargo ships and tankers and is gradually competing with established shipbuilding yards in China to attract Greek business.
This move represents a strategic shift in the shipbuilding market and the willingness of ship owners to utilize shipbuilding services in China, particularly in the semi-submersible ship sector. Given the production growth at the former STX Dalian facilities, this trend is expected to continue.
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