Meadway Bulkers commits to six ultramaxes at Nantong Xiangyu

Greek dry bulk owner Meadway Bulkers has contracted six 64,500 dwt ultramax newbuildings at China's Nantong Xiangyu Shipbuilding, its largest shipbuilding commitment since it became a standalone company in 2021.

The deal pushes Meadway's fleet of existing ships and contracted newbuildings to 26 vessels, according to market reports. Deliveries of the six units are scheduled between 2029 and 2030.

Pricing has not been disclosed. Brokers, though, estimate comparable Chinese-built ultramaxes at around $36m apiece, which would put the series at roughly $216m.

What does the order involve?

Shipbuilding sources said the vessels will be conventionally fuelled and based on Xiangyu's second-generation Elephant design. That keeps Meadway out of the dual-fuel camp for now, betting on a proven hull rather than alternative-propulsion premiums.

The order also breaks with Meadway's yard habits. The George Delaportas-controlled owner has built much of its modern fleet in Japan — at Namura, at Imabari, and at Tsuneishi, whose Chinese operation runs a yard in Zhoushan. This series shifts a chunk of that orderbook to a Chinese private yard that has been quietly winning Greek business.

A busy year of fleet renewal

Meadway has been adding tonnage steadily through 2026. In September it took delivery of the Elisabetta, a 66,000 dwt TESS66 Aeroline ultramax built at Tsuneishi Zhoushan, following other newbuilding additions earlier in the year.

The company has also bought secondhand. In January it added the 2016-built, 64,507 dwt Good Carry — formerly Diana Shipping's DSI Drammen — for approximately $26.4m. In February it followed with the 2012 Oshima-built ultramax Arabica at roughly $19m.

One more 64,000 dwt ultramax is under construction at Imabari Shipbuilding in Japan, with delivery set for the second quarter of 2027.

So the picture is a fleet growing on three tracks at once: Japanese newbuilds, Chinese newbuilds, and secondhand purchases. Sixty-four thousand dwt is the thread running through all of them.

What does this change for the market?

For the ultramax segment, another six-vessel order from a mid-size Greek owner signals continued confidence in the class at price levels near $36m per ship. For Nantong Xiangyu, it extends a busy booking period: Greek owners Goldenport and Atlantic Bulk Carriers have ordered there, alongside Monaco-based Gestion Maritime and other international customers. Greek owners remain the anchor customer base for Chinese private yards chasing mid-bulk tonnage.

For competitors shopping the same slot, the order adds demand for 2029–2030 delivery slots at a yard already filling its diary.

Background: a family split behind the orderbook

The Athens-based company was established by George Delaportas in 2021, following the separation of the family's shipping interests. His brother Costas continued with Meadway Shipping & Trading, since renamed DryDel Shipping.

Since the split, Meadway Bulkers has leaned on Japanese quality-first yards — Namura, Imabari, Tsuneishi — for new tonnage. The Nantong Xiangyu commitment is the first big bet on a Chinese private yard, and at six ships, it is the company's largest single order on record as an independent owner.

Whether that marks a permanent shift in sourcing, or a one-off play for slot availability and price, will show in Meadway's next contracting move — with the 2029–2030 delivery window suggesting the owner is positioning fleet capacity well ahead of any near-term rate cycle.