Industrial holding Bulgaria kicks off fleet expansion with ultramax orders

Bulgarian owner Industrial holding Bulgaria has inked contracts with China’s New Dayang Shipbuilding, a subsidiary of Sumec Marine for the construction of two plus one ultramax Crown 63 newbuild bulk carriers.

The ships with a capacity of 64,100-dwt will be acquired by the subsidiaries of IHB, “Karia LTD”, “Ticha LTD” and “Vaya LTD”, and delivered to the shipowner by the end-October 2027 through to end-May 2028.

The deal covers two firm units plus one optional and comes at a price of $35.15m for the first newbuilding which will be acquired by “Vaya LTD” with delivery date October 31, 2027, while the remaining two which will be acquired by “Karia LTD” with delivery date end of April 2028 and by “Ticha LTD” with delivery end of May 2028 come at a price of $34.6m each, IHB said.

The three units will be bought at a price tag of $35.15m, $34.6m and $34.6m, plus sums for additional works assigned during construction, but not more than 5% of the value of the corporate guarantee, the shipowner said.

The entry into force of the contracts is subject to conditions that should be fulfilled within 45 days.

“This model features the advantages of large cargo capacity, energy saving and environmental protection,” reads IHB’s statement.