Seaspan breaks into newcastlemax with 25-year Vale deal and tri-fuel giants
Seaspan orders two 210,000 dwt ore carriers from Yangzijiang for 2030 delivery under a 25-year charter to MOL for.
Seaspan Corporation has expanded its fleet into the newcastlemax sector with an order for two 210,000-deadweight-tonne tri-fuel ore carriers. The vessels, scheduled for delivery in 2030, will be constructed by Yangzijiang Shipbuilding and chartered to Mitsui OSK Lines (MOL) under a 25-year agreement with Brazilian mining company Vale.
The ships will be equipped to operate on ethanol, methanol, and conventional heavy fuel oil from their launch, with additional design features allowing for future conversion to liquefied natural gas (LNG) or ammonia. While MOL initially announced the Vale contract without disclosing the owner or shipyard, Seaspan was later confirmed as the vessels’ owner, with Yangzijiang handling construction.
This agreement strengthens the existing partnership between Seaspan and Yangzijiang. The Chinese shipbuilder has previously secured multiple containership orders from Seaspan and, earlier this year, acquired a 10% stake in Seaspan’s parent company, Poseidon. Yangzijiang recently reported that its 2029 construction slots are nearly fully booked, with capacity now opening for 2030 projects.
HMM
Seaspan broadens its shipping portfolio
Traditionally known as the world’s largest independent containership owner, Seaspan has significantly diversified its operations in 2024. In addition to the newcastlemax order, the company has entered the gas shipping market with five 100,000-cubic-metre very large ethane carriers (VLECs). It has also expanded into specialised bulk shipping with four 65,400-deadweight-tonne open-hatch gantry crane newbuildings, which will be bareboat chartered to Gearbulk before joining the G2 Ocean pool in 2029.
Further diversification includes an investment in car carriers, with Seaspan ordering six 10,800-ceu LNG dual-fuel pure car and truck carriers (PCTCs). These moves reflect the company’s strategy to extend its presence beyond container shipping into other maritime sectors.
The newcastlemax vessels align with Vale’s growing fleet of alternative-fuel ore carriers. The mining giant has recently committed to multiple 25-year charter agreements, including ethanol-capable guaibamaxes with Shandong Shipping and additional newcastlemax programmes involving HMM, Polaris Shipping, and Wooyang Shipping.
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