EuroDry Orders Third 82,000 DWT EEDI Phase 3 Kamsarmax at Hengli Heavy
EuroDry, the Greek dry bulk shipowner under the leadership of Aristides Pittas, has recently announced the placement of an additional order for a Kamsarmax bulk carrier. This latest order brings the total number of Kamsarmax vessels ordered as part of the company’s fleet renewal program to three, all of which are set to be constructed by the same Chinese shipyard.
Order Details and Timeline
In a statement released on October 14, EuroDry revealed that a contract had been signed with Hengli Heavy Industries for the construction of a third 82,000 deadweight tonnage (dwt) Kamsarmax bulk carrier. Priced at approximately $37 million, this new vessel is scheduled for delivery in the third quarter of 2029. The previous two vessels were ordered in April and May 2026, each costing around $37 million, and are expected to be delivered in the first and second quarters of 2028. With this recent order, EuroDry’s total investment in three new vessels at Hengli Heavy Industries now stands at approximately $111 million.
Eco-Friendly Design and Naming
The newly ordered vessels boast an eco-friendly design that complies with EEDI Phase 3 requirements. They are to be named “Nikos P”, “Christina Bel”, and “Konstantina TZ”, respectively.
Reasoning Behind the Order
Aristides Pittas, Chairman and CEO of EuroDry, explained the decision to place another order, citing the significant increase in secondhand vessel prices. Pittas noted that the current valuation of a five-year-old Kamsarmax bulk carrier has surpassed the price of a newbuild, making a more energy-efficient new vessel a more appealing choice due to similar capital costs.
Fleet Expansion and Future Plans
EuroDry’s newbuilding program will now encompass five vessels under construction, totaling 373,000 deadweight tons of capacity, with a contract value of approximately $182.8 million. In addition to the three vessels at Hengli Heavy Industries, EuroDry previously placed an order in 2024 with Nantong Xiangyu Shipbuilding & Offshore Engineering Co., Ltd. for two 63,500 dwt bulk carriers. These vessels, named “Aristeidis” and “Troboni”, are expected to be delivered in the second and third quarters of 2027 at a total cost of $71.8 million.
Industry Trends and Shipbuilder Appeal
In recent years, Hengli Heavy Industries has become a favored choice among Greek dry bulk shipowners. Notable companies such as Star Bulk, Oceanbulk, and Laskaridis Maritime have all opted to place orders for Kamsarmax bulk carriers with the shipbuilder, with recent per-vessel prices ranging between $36 million and $38 million.
EuroDry’s current fleet comprises 11 dry bulk carriers with a total deadweight tonnage of approximately 766,400 tonnes, including 2 Kamsarmax carriers, 6 Supramax/Ultramax carriers, and 3 older Panamax vessels. With the delivery of the 5 new vessels on the horizon, EuroDry’s fleet is poised to expand to 16 dry bulk carriers, boasting a total deadweight tonnage of approximately 1.14 million tonnes.
