Maran Dry Returns to Newbuilds with Capesize Order at Hengli
•February 13, 2026
0
Why It Matters
The contract strengthens Maran Dry’s fleet capacity in the iron‑ore and coal trades, while highlighting Chinese yards’ growing role in serving European bulk owners.
Key Takeaways
- •Maran Dry orders four capesize vessels from Hengli
- •Options could raise total order to six ships
- •First bulker contract since 2017 signals fleet expansion
- •Hengli's 17‑ship package valued at $1.6‑1.8 bn
- •Order boosts Angelicoussis presence in iron ore, coal trades
Pulse Analysis
The Angelicoussis Shipping Group’s decision to return to the new‑building market underscores a strategic shift toward fleet modernization. By securing four capesize bulk carriers from Hengli Heavy Industry, Maran Dry not only replaces aging tonnage but also positions itself to meet rising demand in the iron‑ore and coal corridors. The inclusion of optional vessels reflects a flexible approach, allowing the group to scale capacity as market conditions evolve, especially as global dry‑bulk volumes recover from pandemic‑induced volatility.
Chinese shipyards have become increasingly attractive to European owners due to competitive pricing, shorter lead times, and expanding capabilities in constructing ultra‑large vessels. Hengli’s Dalian facility, already known for large tankers, is leveraging its expertise to capture a larger share of the capesize segment. This trend aligns with broader industry dynamics where shipowners balance the need for newer, more fuel‑efficient ships against tightening emissions regulations, prompting a pivot toward yards that can deliver both cost efficiency and compliance‑ready designs.
For the broader dry‑bulk sector, Maran Dry’s order signals confidence in the long‑term health of the capesize market. While environmental standards and yard capacity constraints pose challenges, the willingness of a major Greek operator to invest in new builds suggests expectations of sustained demand for bulk commodities. Analysts will watch how this and similar contracts influence fleet renewal cycles, freight rates, and the competitive landscape between traditional European yards and emerging Asian shipbuilding hubs.
Maran Dry returns to newbuilds with capesize order at Hengli
Maran Dry Management has re‑entered the newbuilding market, lining up a series of capesize bulk carriers at China’s Hengli Heavy Industry
The bulker arm of the Angelicoussis Shipping Group, led by Maria Angelicoussis, has contracted four firm capesize vessels at the Dalian yard, with options that could lift the series to six ships in its first bulker order in nearly a decade.
The order marks Maran Dry’s first return to bulker contracting since 2017, when it booked newcastlemaxes at Shanghai Waigaoqiao Shipbuilding.
Maran Dry controls a fleet of around 40 bulkers, focused on the capesize and newcastlemax segments. The latest move signals renewed confidence in the larger end of the dry bulk market, where owners have been weighing long‑term fleet renewal against tighter environmental rules and yard availability.
Hengli’s parent Songfa Ceramics disclosed the contracts as part of a broader 17‑ship package worth between $1.6 bn and $1.8 bn. In addition to Maran capes, the batch includes one LR2 tanker, eight 306,000 dwt VLCCs, and four 6,000 TEU containerships. The yard said the counterparties are European owners but did not name them.
The Dalian‑based builder has been gaining ground in the large tanker and bulker segments, attracting a growing list of Greek clients. Capital Maritime and Seanergy are among the other Greek owners recently linked to capesize orders in China, while several have also signed for kamsarmax newbuildings.
For Maran Dry, the capesize order underlines a return to expansion mode after years of relative restraint on the contracting front. If all options are declared, the Angelicoussis group could add up to six new capes to its fleet later this decade, reinforcing its presence in the core iron ore and coal trades.
0
Comments
Want to join the conversation?
Loading comments...