Greek shipping executive Aristides Pittas is continuing to strengthen his position in the dry bulk market, with companies linked to the Pittas family expanding their kamsarmax newbuilding programme in China.
Hengli Heavy Industries confirmed that Eurobulk has signed contracts for two additional 82,000 dwt kamsarmax bulk carriers at the Chinese yard, bringing the total number of vessels in the series to four.
The latest order follows an earlier agreement for two sisterships that had not previously been disclosed. All four vessels will be built at Hengli’s shipyard in Dalian.
While financial terms were not revealed, current market estimates place the price of a Chinese-built kamsarmax newbuilding at around $37m per vessel.
Eurobulk, which is controlled by the Pittas family, provides executive, technical and commercial management services to Nasdaq-listed dry bulk owner EuroDry as well as containership company Euroseas, both led by Aristides Pittas.
The newest contracts further expand EuroDry’s wider newbuilding pipeline, which now stands at six vessels in total.
Back in late 2024, the US-listed owner ordered two ultramax bulk carriers at Nantong Xiangyu Shipbuilding, with deliveries expected through the third quarter of 2027. Those vessels will also be managed by Eurobulk once delivered.
According to Hengli Heavy Industries, Eurobulk’s decision to return for additional orders reflects growing confidence in the yard’s shipbuilding capabilities and signals a strengthening relationship between both sides.
The deal also highlights the increasing appetite among Greek shipowners for Chinese bulker construction, particularly as mainland yards continue to offer competitive pricing and relatively attractive delivery availability compared to other global shipbuilding centres.
Hengli Heavy Industries has quickly become one of the preferred destinations for Greek owners targeting the kamsarmax segment. In recent months, companies such as Star Bulk Carriers, Efnav, Oceanbulk Maritime, Aegean Bulk and Centrofin have also been linked to major kamsarmax orders at the Chinese yard.
