Greek dry bulk shipowner DryDel Shipping has secured five-year charters with Japan's Kawasaki Kisen Kaisha (K Line) for four scrubber-fitted Capesize bulk carriers, marking the company's first entry into the Capesize newbuild segment.

The four vessels are currently under construction at Japan's Namura Shipbuilding. DryDel entered the Capesize segment in December 2024, initially ordering two 182,000 dwt vessels at Namura for delivery in 2028, followed by an order for two additional vessels at the same yard scheduled for delivery in 2029. The five-year duration of the charters provides DryDel with contracted revenue visibility well beyond the vessels' delivery dates, a consideration that has driven similar long-term fixture activity among dry bulk owners seeking to lock in returns on newbuilding investments.

According to DryDel's latest fleet information and vessel announcements, at least three vessels already in its fleet — Utopia, Rio Rita, and Gloria del Mare — are equipped with scrubber systems.

The newly ordered vessels will be fitted with exhaust gas cleaning systems, enabling them to burn high-sulfur fuel oil (HSFO) while remaining compliant with the International Maritime Organization's (IMO) global sulfur cap of 0.5%, which took effect on January 1, 2020. Scrubbers reduce sulfur oxide emissions from exhaust gases, allowing shipowners to use more cost-effective HSFO instead of lower-sulfur alternatives such as very low sulfur fuel oil (VLSFO) or marine gas oil (MGO). The economics of scrubber retrofits and newbuild installations depend on the price spread between HSFO and compliant fuels, which has fluctuated since the sulfur cap took effect, influencing the payback period for the equipment investment.

Capesize vessels are the largest class of dry bulk carriers, typically ranging from 150,000 to 400,000 dwt. The name derives from the fact that vessels of this size were historically too large to transit the Suez Canal and had to route around the Cape of Good Hope. Capesizes are primarily deployed on long-haul trade routes transporting major bulk commodities, including iron ore and coal. Demand for Capesize tonnage is closely tied to industrial production and infrastructure activity, particularly iron ore imports into major steelmaking nations and coal shipments for both steelmaking and power generation.

K Line, headquartered in Tokyo, is one of Japan's largest shipping companies and a major operator of dry bulk vessels, car carriers, and energy transport ships. Namura Shipbuilding, the builder selected for DryDel's Capesize orders, is among Japan's established shipyards known for constructing large bulk carriers and tankers.

Source: ENGINE