Pavimar’s four Hengli kamsarmax order estimated at up to $154m

James Calloway

Pavimar has contracted China’s Hengli Heavy Industries for four kamsarmax bulk carriers worth an estimated $150 million to $154 million, a rare newbuilding move for the Greek dry bulk owner after years of fleet growth through secondhand purchases.

The privately owned company, headed by Ismini Panagiotidi, placed the order with the Dalian-based yard. Shipbroking sources said the quartet is scheduled for delivery through 2029. The contract price remains undisclosed.

European brokers currently assess Chinese-built kamsarmax newbuildings at $37.5 million to $38.5 million each. Applying that range to four vessels produces the $150 million to $154 million programme estimate, but it leaves Pavimar’s actual cost unknown.

What does the order change?

For bulk shippers and forwarders, the commercial effect is prospective rather than immediate. The announcement identifies no cargo lane, port pairing, charter commitment or first delivery date, with deliveries running through 2029. It offers no basis for a near-term freight-rate forecast.

No rate signal yet.

When the ships enter service, their employment will determine whether they add net kamsarmax supply or alter Pavimar’s fleet mix. For carriers, the order expands future capital commitments before the vessels begin work; for charterers and brokers, it creates another four-ship delivery event to track through 2029.

Why does this break Pavimar’s buying pattern?

Pavimar manages 23 bulk carriers ranging from handysize to capesize, with panamax and kamsarmax tonnage forming the backbone. The Hengli contract marks the company’s first reported newbuilding order after many years of fleet expansion through the secondhand market.

The programme commits Pavimar to an estimated $150 million to $154 million of yard spending, subject to the undisclosed deal price. Earlier this year, the company was linked to the acquisition of the 2014-built, 37,700 dwt Aura, formerly African Harrier, for around $20 million. The new ships represent a far larger capital commitment than that single used-bulk carrier purchase.

For Pavimar, the order creates exposure to construction schedules, handover timing and residual values through 2029. Those are owner-level commercial considerations, not immediate charter-rate signals. Freight buyers should not treat the announcement alone as proof that kamsarmax supply will tighten or loosen.

What is Icon Energy’s role?

Ismini Panagiotidi also heads Nasdaq-listed dry bulk owner Icon Energy, whose fleet is commercially connected with Pavimar’s shipmanagement business. Icon entered the public markets in 2024 and subsequently expanded through secondhand acquisitions, including its first kamsarmax.

The quartet belongs to Pavimar; the announcement does not assign the ships to Icon. The shared leadership and shipmanagement connection place Pavimar’s fleet-expansion decision alongside Icon’s secondhand growth, although Pavimar is the only identified buyer.

Why does Hengli matter to Greek owners?

Pavimar’s order adds another Greek name to the growing list of owners turning to Hengli Heavy Industries. The Dalian-based group has attracted substantial dry bulk and tanker orders while building up production at the former STX Dalian facilities.

Hengli is competing increasingly with established Chinese yards for Greek business. Growing yard competition could influence future pricing for Greek owners, but Pavimar’s undisclosed contract price prevents a firm conclusion on whether Hengli undercut rivals or matched the $37.5 million to $38.5 million broker range.

What should the market watch next?

Future checkpoints are the contract price, each vessel’s delivery date and its first charter employment. With four ships due through 2029 and Hengli challenging established Chinese yards for Greek orders, those details will show whether the programme adds kamsarmax capacity to the charter market, on what terms and at what pace.