Greek shipowner and operator Meadway Shipping has changed its name to DryDel Shipping with effect from February 19, 2024. The name change will allow DryDel Shipping to differentiate itself from similar companies in the shipping market and continue to grow. We interviewed Mr. Costas Delaportas, President and CEO of DryDel Shipping, at the company’s headquarters in Athens about the company’s current status and future strategy. (Interviewer: Hirofumi Yamamoto)
–Would you explain us about Current fleet structure?
“Costas Bulk currently has 11 bulk carriers and a backlog of nine new buildings. Since May 2022, the following changes have taken place in our fleet. In July 2022, Costas Bulk acquired the Ultramax bulk carrier ‘Velvet’ (completed at Oshima Shipyard in 2018). The new Handysize ‘Danae’ was completed at Shin Kurushima Shipyard in September 2022; the Kamsamax bulk carrier ‘Fiorela’, built at Hyundai Heavy Industries in 2011, was sold in November 2022; a new Kamsamax bulk carrier ‘Contessa’, built at Oshima Shipbuilding in 2013, was added to the fleet in May 2023. The Supramax Wave Runner, built at IHI Marine United in 2008, was sold in September 2023. And a new Ultramax bulk carrier ‘Utopia’, built at Oshima Shipbuilding in 2020, was added to the fleet in September 2023. Then, the Handysize vessel Majesty Star, built at Shin Kurushima in 2013, was sold in December 2023. Finally, a new Kmasarmax bulk carrier, Nord Beluga (TBR ‘Beluga’), built at Oshima Shipbuilding in 2015, was purchased and is scheduled for delivery in March 2024.”
“The fleet in service consists of two Kamsamax, eight Ultramax, and one Handysize. Five of the fleet are owned by the company and six are BBC (bareboat). In addition, 18 Japanese-built mid-size bulk carriers, mainly owned by Japanese shipowners, are chartered on a long-term basis”.
■Orders for nine new buildings
— What is the status of the new building orders?
“We currently have six Handysize and three Ultramax vessels on order. We have ordered three 64,000 dwt Aerodesign Ultramaxes from Tsuneishi Shipbuilding Group. They are scheduled for delivery in Q2 2025, Q3 2025 and Q2 2026. All new Ultramaxes will be equipped with scrubber systems.”
–Namura Shipbuilding has an order book of four vessels and Oshima Shipbuilding two.
“We have ordered four 40,000 dwt Handysize vessels from Namura Shipbuilding. The first two are of the ‘Logger’ type. The ‘Logger’ is scheduled for delivery in the second and third quarters of 2024, and the other two in the third and fourth quarters of 2024. The remaining two 42,300 dwt vessels have been ordered from Oshima Shipyard and are scheduled for delivery in the first and second quarters of 2026, respectively. “
■Investment in the Japanese market
–What about S&LB (sale and leaseback) activities in Japan?
“We are actively working on financing projects through S&LBs. In the last 18 months, we have successfully financed seven new buildings through S&LB deals with Japanese shipowners. Over the past 12 years, Medway Shipping Group has made significant investments in the Japanese market and has successfully developed trusted relationships with Japanese counterparts. In the future, the company plans to expand its shipping business through the use of Japanese leases.
— What new fuels do you expect to see in dry bulkers in the future, such as methanol, ammonia, and hydrogen?
“A very difficult and much-debated question. It is not yet clear which alternative fuels will prevail. Engine manufacturers can produce dual-fuel engines for other types of vessels, such as LNG (liquefied natural gas) carriers. However, as far as the small and medium-sized bulkers we own and operate are concerned, the new vessels have a much-improved conventional fuel consumption of about 25-30% less than before. This is mainly due to good hull design and new technology engines. “
- – What about other new fuels?
“Alternative fuels such as ammonia, green methanol, LPG, and hydrogen are expected to be used mainly on very large bulkers such as Capesize and Newcastle Max. The overall cost of dual-fuel ships will be an important factor in determining which fuels will become mainstream. For example, the cost of building a Kamsamax with a dual-fuel ammonia-diesel engine is estimated to increase by $7-8 million (about ¥1-1.1 billion).”
“So I think it is too early to say which fuel will be used on dry-cargo vessels in the future. However, I have confidence in the strategy of investing in new vessels, and I believe that investing in vessels with electronically controlled engines and reduced consumption and emissions will ultimately be successful.”
–Change of name from Meadway Shipping and Trading Inc to Drydel Shipping Inc.
We are pleased to announce the rebranding of our company to DRYDEL SHIPPING; the name change will take effect in February 2024.
-Meadway Shipping and Trading Inc will be renamed Drydel Shipping Inc;
-Meadway Shipping Singapore Pte Ltd will be renamed to Drydel Shipping Singapore Pte Ltd.
-Meadway Shipping DMCC to be renamed Drydel Shipping DMCC; and
-Meadway Maritime Chartering S.A. is to be renamed Drydel Maritime Chartering S.A.
By changing the name to Drydel Shipping, we are addressing any potential market confusion arising from the presence of another shipping company with a similar name.
This renaming will not affect our ownership structure or operations as the dedicated team of office staff will remain unchanged.
–Do you have any other news or developments concerning your group of companies that you would like to share with us?
“There is one positive development that I would like to share with you. We are going to open a new operating office in Sao Paolo, Brazil. We have decided to have a presence in South America as we see a lot of business opportunities. Therefore, we will open a new office from March 1, 2024. With operating offices in Singapore, Dubai, and now Sao Paolo, we cover the whole globe and strengthen our presence in the dry sector as an operator. We plan to combine the opening of our new office in Sao Paolo with the rebranding of our company to Drydel Shipping. We are excited and look forward to continuing to grow our business organically. “
■Profile
Costas Delaportas studied Maritime Management at London Guildhall University (now London Metropolitan University). After working as a shipbroker, he joined Meadway, a company run by his father Dionysios, in 2000. He is the Managing Director. He is currently the CEO of Medway Shipping. He was born in May 1977 and is 46 years old.