Gestion Maritime makes ultramax debut with China order

Monaco-based shipowner Gestion Maritime is moving into the ultramax segment with an order for three 64,000 dwt bulk carriers at China’s Nantong Xiangyu Shipbuilding & Offshore Engineering.

The Danilo Fumarola-led company has booked the trio for delivery between late 2028 and early 2029, expanding beyond its traditional panamax and kamsarmax fleet.

The vessels are costing in the low $30m range apiece, putting the overall investment at more than $90m.

Gestion Maritime currently operates six panamax and kamsarmax bulkers and has recently trimmed its fleet through asset sales. The latest investment will bring smaller and more modern tonnage into a portfolio built largely around Japanese- and South Korean-built ships.

The company, whose roots date back to 1908 and the Corrado shipping family, has traditionally pursued an asset trading strategy, buying ships when values ease and disposing of tonnage during stronger markets.

In 2019, it exited the product tanker sector by selling two 2015-built MR tankers to Hafnia interests for $31m each, returning its focus to dry bulk.

The newbuilding deal adds another international owner to Nantong Xiangyu’s growing customer base. The Chinese shipbuilder marked the delivery of its 100th ultramax bulker in July and has continued to attract orders for the 63,500 to 64,000 dwt segment.

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