Agricore Expands Fleet with New Ultramax Orders
Bulker owner and operator Agricore has announced a significant expansion of its fleet by placing an order for two ultramax newbuildings at Jiangsu Soho Chuangke Shipbuilding. The deal includes options for an additional two vessels, marking a strategic move for the company as it continues to strengthen its presence in the global dry bulk market. The new ships, each with a deadweight tonnage of 63,500, are scheduled for delivery in 2028, contributing to the growing orderbook at the Yangzhou shipyard.
Founded in Hong Kong in 2016, Agricore operates a diversified fleet that includes capesize, kamsarmax, and ultramax vessels. The company has established a global trading network, servicing ports across Europe, the Americas, Asia, Australia, and Africa. Agricore has built long-term partnerships with several of the world’s largest commodity groups, including ADM, Bunge, Cargill, Louis Dreyfus Company, and China’s Cofco Group. This diverse portfolio positions Agricore as a key player in the dry bulk shipping sector.
Soho Chuangke Shipbuilding Sees Renewed Activity
The order from Agricore is a significant boost for Jiangsu Soho Chuangke Shipbuilding, which has been working to rebuild its reputation in the bulk carrier sector. Since its rebranding from Sainty Shipbuilding, the yard has focused on securing ultramax contracts, and the latest deal adds to a growing list of orders. With the Agricore contract, Soho Chuangke has now booked a total of 20 bulk carriers of the same 63,500 dwt design.
The shipyard resumed operations in 2024 after a nearly seven-year hiatus, during which it underwent restructuring. The reopening has been marked by a series of ultramax orders from various clients, including China Development Bank Leasing, Jiangsu Ocean Shipping, and Sea Traders, the dry bulk division of Greek owner George Procopiou. This resurgence in activity reflects a broader recovery in the shipbuilding industry, particularly in the dry bulk segment, as demand for new vessels continues to rise.
Agricore’s Fleet Growth and Market Position
Agricore’s recent order is part of a broader strategy to enhance its fleet capabilities. Fleet data from VesselsValue indicates that the company has sold over 10 vessels and acquired nearly 20 in recent years. In addition to the new orders at Soho Chuangke, Agricore currently has eight bulk carriers on order at various Chinese shipyards, ranging from ultramax to newcastlemax designs. This proactive approach to fleet management underscores Agricore’s commitment to maintaining a competitive edge in the dynamic dry bulk shipping market.
As the global economy continues to evolve, Agricore’s strategic investments in new vessels and partnerships with major commodity players position the company for sustained growth and success in the years to come.
