Aegean Bulk returns to newbuilds with a four-ship kamsarmax order at Hengli Shipbuilding, marking its first newbuilding move since 2012.
Greek owner Aegean Bulk has re-entered the newbuilding market after nearly 15 years, signing a four-ship kamsarmax order with China’s rapidly expanding Hengli Shipbuilding. This deal marks the company’s first newbuilding move since the delivery of its last pair of kamsarmaxes in 2012.
The Athens-based firm, led by Panagiotis and George Angelopoulos, currently controls a fleet of eight supramax and kamsarmax bulkers, although one vessel was reported sold last month.
Aegean Bulk was established in 2000 and initially grew with a series of panamax and kamsarmax newbuilds. However, the company had refrained from entering the shipbuilding market for over a decade due to fluctuating freight cycles.
Hengli confirmed the order as part of an eight-ship package signed with two Greek owners and one Norwegian player. The Chinese yard, now one of the busiest in the world, has secured contracts for two LR2 product tankers linked to Evangelos Marinakis’ Capital Maritime, five kamsarmaxes—including Aegean Bulk’s quartet—and a single capesize for a “well-known international owner.” Deliveries are scheduled to extend toward late 2027, and the yard’s forward book now runs into 2029.
Aegean Bulk’s move reflects broader activity within the Angelopoulos business network, as the family’s tanker arm, Arcadia Shipmanagement, ended its own ordering hiatus in 2023 by returning to the yards for new suezmaxes and aframaxes.
Norwegian investment vehicle Uthalden Maritime, controlled by Harald Moræus-Hanssen, was also identified among Hengli’s latest contracting round. Uthalden, active across dry bulk, tankers, offshore, and oil services, continues to expand its presence through selective vessel acquisitions and newbuildings.
Hengli Heavy Industry has been on a rapid ascent, starting construction on more than 30 vessels last year and securing a steady stream of large contracts throughout 2025, including multiple series of kamsarmax orders from companies like Eastmed, Vogemann, Efnav, and Star Bulk Carrier.