Chinese shipping company Zhejiang Yonghang Shipping is moving forward with a major fleet expansion, having ordered up to six new Ultramax bulk carriers to strengthen its position in the dry bulk shipping market
The company has placed an order with Yangfan Group for the construction of four 64,500-deadweight-ton vessels, with options for two additional ships. The new bulk carriers were designed by the Shanghai Merchant Ship Design & Research Institute (SDARI), will sail under the Chinese flag, and will comply with the latest international environmental standards.
According to industry analysts, each vessel is estimated to cost around $34 million, highlighting Zhejiang Yonghang’s significant investment in fleet modernization and expansion.
The deal marks an important milestone for the company, which currently operates a fleet of about 10 smaller bulk carriers and general cargo vessels. The addition of the new Ultramax ships will substantially increase its carrying capacity and strengthen its competitiveness in the global dry bulk transportation sector.
The contract is also significant for Yangfan Group, representing the shipbuilder’s second major newbuilding order in recent weeks. Earlier, the company secured a contract from Baozhou Shipping for up to four 2,700-TEU container vessels.
The latest order underscores continued demand for modern bulk carriers and reflects the ongoing efforts of Chinese shipowners to expand and upgrade their fleets amid growing global maritime trade.
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