Greek owner Aegean Bulk has re-entered the newbuilding market after nearly 15 years away, signing a four-ship kamsarmax order at China’s fast-expanding Hengli Shipbuilding. The deal marks the owner’s first newbuilding move since the delivery of its last pair of kamsarmaxes in 2012.
The Athens-based company, led by Panagiotis and George Angelopoulos, currently controls a fleet of eight supramax and kamsarmax bulkers, though one vessel was reported sold last month.
Aegean Bulk was established in 2000 and grew early with a series of panamax and kamsarmax newbuilds, but had stayed out of the shipbuilding market for more than a decade as freight cycles fluctuated.
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, 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 stretch toward late 2027, and the yard’s forward book now runs into 2029.
Aegean Bulk’s move echoes activity elsewhere in the Angelopoulos business network: 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 grow 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 closing a steady stream of large contracts throughout 2025, including multiple series of kamsarmax orders from the likes of Eastmed, Vogemann, Efnav and Star Bulk Carriers.
