DryDel Shipping, a Greek shipowner and operator based in Athens, has announced its entry into the Capesize vessel sector, expanding its portfolio to include the ownership and operation of iron ore carriers. Previously focused on mid-size bulk carriers in the 40,000-80,000 DWT range, DryDel has now decided to invest in new Capesize vessels. President and CEO Costas Delaportas explained the decision, stating, “The Capesize market is at historically low levels of new building orders, making it a favorable environment for investment.”
(Text by Hirofumi Yamamoto)
Photo courtesy= DryDel Shipping, Namura Shipbuilding
On December 2, 2024, DryDel disclosed that it had placed an order for two 182,000 DWT Capesize vessels with Namura Shipbuilding, scheduled for delivery in 2028.
The two Capesize vessels ordered by DryDel will feature state-of-the-art designs and be equipped with scrubbers to enhance performance and fuel efficiency.
■Reasons for Entering the Capesize Market
DryDel’s move into the Capesize market is driven by four key factors:
1. The historically low order book for Capesize new buildings.
2. Increased demand for transport from emerging regions targeting Capesize vessels.
3. A shift in Chinese shipyards’ focus toward non-dry bulk ships.
4. The need to respond to diverse shipping requirements from cargo owners as a dry bulk operator.
According to UK-based Clarksons, there are currently 2,028 Capesize vessels (over 100,000 DWT) in operation globally as of November 2024. In contrast, the order book for newbuilds stands at just 137 vessels, representing a supply pressure of only 7.4% against transport capacity.
On the demand side, emerging regions have been driving robust growth in Capesize transportation. In addition to traditional commodities like iron ore and coking coal, there is increasing demand for shipping bauxite from West Africa’s Guinea to China. Beyond China, there is also rising demand to transport bauxite to the Middle East, where it is processed into alumina, an intermediate product for aluminum production.
■Limited Supply Pressure from Chinese Shipyards
DryDel views the supply pressure from Chinese shipyards as limited. “Chinese shipyards have significantly reduced orders for dry bulk vessels,” said Delaportas. “This is because their shipbuilding slots are predominantly allocated to high-value vessels such as LNG carriers, tankers, and large container ships. For the remaining slots, it makes more economic sense for the yards to focus on higher-value ships. Consequently, the number of Chinese shipyards willing to build dry bulk vessels has decreased, and this will not negatively impact the dry bulk market.”
■ Trend Among European Shipping Majors
DryDel is not alone in its strategic shift toward the Capesize market. Major European shipping companies like Norden have also decided to expand into Capesize operations alongside their mid-size dry bulk businesses. A commonality among these companies is the need to respond to diversified shipping requests from cargo owners.
“We aim to explore different size segments within the dry bulk sector to optimize growth and profitability,” said Delaportas.
■Current Operations and Fleet Overview
DryDel currently operates under its ownership company, Costas Bulk, which holds 13 mid-size bulk carriers ranging from 40,000 to 80,000 DWT and has 10 newbuilds on order. Operationally, the company manages approximately 45 chartered vessels across its offices in Greece, Dubai, Singapore, and Brazil. Of these, 20 vessels are on long-term charter agreements with shipowners, while the remaining 25 operate under short-term charters.
〆ギリシャ船主兼オペレーター、ドライデル・シッピング（DryDel Shipping）、ケープサイズ船事業に進出。182,000重量㌧2隻を名村造船所（Namura Shipbuilding）に発注した。President＆CEO,Costas Delaportas says ”投資に有利な状況”
調印するデラポルタス社長(左)と名村造船所（Namura Shipbuilding）の名村建介（Kensuke Namura）社長(写真提供=ドライデル、名村造船所)
ギリシャ船主兼オペレーター（運航船社）のドライデル・シッピング（本社・アテネ）はケープサイズ船（鉄鋼原料船）の保有、運航事業へ進出する。ドライデルはこれまで4万―8万重量トンクラスの中型バルカーの保有、オペレーションに注力してきた。今回、新造ケープサイズへ投資することを決めたことについて、コスタス・デラポルタス社長兼CEO(President＆CEO,Costas Delaportas)は次のようにケープサイズ事業へ進出する理由について話した。「ケープサイズ市場は、新造船の発注量が歴史的に低いレベルにあり、投資に対し有利な状況にある」。ドライデルは2024年12月2日、名村造船所に18万2000重量トン型2隻を2028年竣工予定で発注したことを明らかにした。
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