Almi’s $108m China bet: three ultramaxes to reshape dry bulk fleet by 2030

Greek dry bulk operator Almi Marine Management has expanded its orderbook in China with three additional ultramax newbuildings, reinforcing its fleet modernization strategy.

The Athens-based company confirmed the booking of three 64,000-deadweight-tonnage (dwt) bulk carriers at COSCO Shipping Heavy Industry’s Zhoushan shipyard. The vessels are scheduled for delivery in 2030, according to industry sources in Greece.

This latest order follows Almi’s re-entry into the newbuilding market earlier this year after a four-year pause. In February, the company secured two similar 64,000 dwt ultramaxes at Nantong COSCO KHI Ship Engineering (NACKS), with expected delivery in the second quarter of 2029. The new Zhoushan trio brings Almi’s total newbuild commitments to five ships of identical specifications, all placed with COSCO-affiliated yards.

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Almi currently manages a fleet of six bulk carriers. As part of its renewal efforts, the company has also sold older tonnage, including the 2008-built supramax Anasa.

While the exact value of the latest order remains undisclosed, market estimates suggest a potential investment of around $108 million. Industry analysts at Xclusiv reported in August that a standard Chinese-built ultramax was priced at approximately $36 million, a benchmark that would align with the total cost of the three new vessels if contracted at prevailing rates.

Fleet expansion and future outlook: ultramax newbuildings

The addition of five ultramaxes marks a significant step in Almi’s fleet renewal program. The first deliveries from NACKS in 2029 will precede the arrival of the Zhoushan-built vessels in 2030, positioning the company to enhance its operational capacity in the dry bulk sector.

The company’s long-standing relationship with COSCO-linked yards, including NACKS and Dalian COSCO KHI Ship Engineering (DACKS), has been instrumental in its expansion. Almi previously took delivery of three ultramaxes from DACKS earlier this year.

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