Fednav Expands Fleet with New Order from Oshima Shipbuilding
Canadian dry bulk shipping company Fednav has announced a significant expansion of its fleet, signing a letter of intent with Oshima Shipbuilding for the construction of four new handysize bulk carriers. This deal marks Fednav’s latest venture into the newbuilding market and reinforces its commitment to modern, fuel-efficient vessels designed for operations in the Great Lakes and St. Lawrence Seaway. The deliveries of these 35,000 deadweight tonnage (dwt) lakers are scheduled to take place by mid-2029.
The announcement was made by Fednav’s President and Chief Executive Officer, Paul Pathy, who emphasized the importance of this order in the context of the company’s strategic focus on enhancing its fleet capabilities. The new vessels will not only bolster Fednav’s existing orderbook but also strengthen its long-standing relationship with Japanese shipbuilders, known for their expertise in constructing specialized laker designs.
Strengthening Ties with Japanese Shipbuilders
Fednav’s latest order adds to its previous agreements with Japanese shipyards. In 2021, the company partnered with Sumisho Marine and Oshima to build ten new ocean-going lakers, each with a capacity of 34,800 dwt. This ongoing collaboration highlights Fednav’s reliance on Japanese yards for high-quality, specialized vessels that meet the demands of both inland and ocean-going bulk trades.
With the addition of the new order, Fednav’s forward orderbook now includes a total of 11 vessels across the handysize and ultramax segments, which also encompasses long-term chartered ships. This strategic expansion reflects the company’s proactive approach to fleet renewal and its anticipation of sustained demand in the bulk shipping sector.
Fednav currently operates a fleet of approximately 120 bulk carriers, with over 60 of these vessels owned outright by the company. The decision to return to Oshima Shipbuilding underscores Fednav’s commitment to maintaining a modern and efficient fleet, positioning itself for future growth in a competitive market.
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Looking Ahead: Fednav’s Strategic Vision
As Fednav continues to enhance its fleet, the company is focused on ensuring that its vessels are equipped to handle the evolving demands of the shipping industry. The new handysize bulkers are expected to play a crucial role in the company’s operations, particularly in the Great Lakes and St. Lawrence Seaway, where specialized lakers are essential for navigating the region’s unique waterways.
The investment in new vessels aligns with Fednav’s long-term vision of sustainability and efficiency, as the company seeks to reduce its environmental footprint while meeting the needs of its customers. By prioritizing modern, fuel-efficient designs, Fednav aims to remain at the forefront of the dry bulk shipping market, ensuring its competitiveness in both domestic and international trade.
