Monaco-based Gestion Maritime has ordered three 64,000 dwt bulk carriers from China’s Nantong Xiangyu Shipbuilding & Offshore Engineering, marking its entry into the ultramax market, Splash247 reported. The deal takes the shipowner into a smaller vessel class than the panamax and kamsarmax ships that have traditionally formed the core of its dry bulk operations.
The company, led by Danilo Fumarola, is due to receive the newbuildings between late 2028 and early 2029. Splash247 put the price of each vessel in the low $30m range, taking the combined investment above $90m. The three-ship commitment follows recent asset disposals that have reduced the owner’s existing fleet.
Gestion Maritime currently operates six panamax and kamsarmax bulk carriers, according to the report. Its portfolio has largely consisted of vessels built in Japan and South Korea. The Chinese order will introduce both smaller ships and newer tonnage, broadening the composition of a business that remains focused on dry bulk following its earlier withdrawal from product tankers.
The owner traces its origins to 1908 and the Corrado shipping family. Splash247 described its established approach as one centred on asset trading: acquiring vessels when prices soften and selling them into firmer markets. The latest order therefore sits alongside a history of fleet changes through purchases and disposals, rather than solely through newbuilding contracts.
In 2019, Gestion Maritime left the product tanker business through the sale of two MR tankers built in 2015. Hafnia interests bought the vessels for $31m each, with the transaction returning the seller’s attention to dry bulk shipping.
For Nantong Xiangyu, the contract extends its overseas customer roster in a segment where it has continued to secure orders. The yard delivered its 100th ultramax bulk carrier in July, Splash247 reported, and has been attracting further business for ships ranging from 63,500 to 64,000 dwt.