Pavimar returns to newbuild market with four Hengli bulkers

Greek dry bulk owner Pavimar has made a rare newbuilding move, with a four-ship kamsarmax programme at China’s Hengli Heavy Industries.

The Athens-based company, headed by Ismini Panagiotidi, has contracted the quartet for delivery through 2029, according to shipbroking sources.

The price has not been disclosed. European brokers currently assess Chinese-built kamsarmax newbuildings at between $37.5m and $38.5m each, putting the estimated value of the programme at $150m to $154m.

The latest move marks Pavimar’s first reported newbuilding contract after many years of fleet-building through the secondhand market.

The privately owned company manages 23 bulk carriers ranging from handysize to capesize vessels, with panamax and kamsarmax tonnage forming the backbone of its fleet.

Earlier this year, the company was linked to the acquisition of the 2014-built, 37,700 dwt Aura, formerly African Harrier, for around $20m.

Panagiotidi also heads Nasdaq-listed dry bulk owner Icon Energy, whose fleet is commercially connected to Pavimar’s shipmanagement business.

Icon entered the public markets in 2024 and subsequently expanded through secondhand acquisitions, including its first kamsarmax.

The new Hengli contracts add another Greek name to the growing list of owners turning to the Dalian-based shipbuilding group.

Hengli has attracted substantial dry bulk and tanker orders as it builds up production at the former STX Dalian facilities, competing increasingly with established Chinese yards for Greek business.

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