Greek DryDel Shipping has secured a five-year time charter employment with a Japanese owner for all four of its capesize newbuildings it has under construction in the Asian nation.
Costas Delaportas-led DryDel hailed the arrangement with “K” LINE (Kawasaki Kisen Kaisha, Ltd.) as a “landmark transaction” in a Monday post on the company’s LinkedIn account.
The four 182,000-dwt capesize vessels are under construction at Namura Shipbuilding Co., Ltd., with two scheduled for delivery in 2028 and the other two in 2029.
The newbuild vessels will be fitted with scrubbers and will be built to high-end specifications, with a strong focus on efficiency and long-term commercial performance.
“The vessels have been fixed under innovative hybrid structures that combine a highly attractive guaranteed earnings floor with substantial upside exposure to the capesize market,” the company said in its announcement. “This approach secures long-term earnings visibility and downside protection, while enabling DryDel to capture a significant share of any market upside and maximize cash flow generation over the 5-year time charter period.”
The Greek shipowner didn’t disclose any financial details about the five-year charters, but it said that the deal marks a major step in its evolution and establishes its presence in the capesize sector through “premium Japanese-built tonnage” and a “long-term partnership with a first-class Japanese counterparty.”
Recently, Costas Delaportas told Japan’s maritime news media Kaiji Press that the company will continue investing in Japanese newbuildings, citing their long-term competitiveness amid tightening environmental regulations and high fuel prices.
Although Japanese-built vessels cost more than Chinese-built ships, Delaportas said the premium is fully recovered through superior fuel efficiency and stronger competitiveness in both the chartering and secondhand markets, “from the first day of operation until the day we sell the vessel.”
