In less than two months, Greek shipowner Erasmus Shipinvest Group has signed three newbuilding contracts with Chinese shipyards. The shipping company, which had long favored Japanese shipyards, is now accelerating the shift of its newbuilding strategy towards China.
According to TradeWinds, Erasmus Shipinvest recently reached an agreement with Taizhou Sanfu Ship Engineering Co., Ltd. to order 4+2 2400TEU feeder container ships, with the first four vessels to be delivered between 2028 and 2029. The cost per vessel is approximately $45 million, and the total transaction value will reach $270 million (approximately RMB 1.834 billion) once the optional orders are confirmed.
For reference, Clarksons data shows that the current newbuilding price for a 3000TEU container ship is approximately $44.75 million (approximately RMB 303 million), up 3% from $43.25 million in the same period last year.
The new vessels will be geared, powered by conventional fuel, built to meet the International Maritime Organization (IMO) Energy Efficiency Design Index (EEDI) Phase 3 requirements, and comply with Tier III nitrogen oxide emission standards.
Sources say Erasmus Shipinvest has pre-arranged long-term charters for these new vessels and will not invest in secondhand ships or order newbuildings for speculative purposes.
Including the latest order, the number of new vessels Erasmus Shipinvest has ordered from Chinese shipyards this year has reached 18, with a total value of approximately $706 million (approximately RMB 4.795 billion).
Erasmus Shipinvest had previously only ordered newbuildings from Japanese shipyards for a long time, as the company’s CEO, John Su, is very familiar with Japanese shipyards, trading companies, and financial institutions. In March this year, Erasmus Shipinvest suddenly adjusted its strategy, placing its first order with a Chinese shipyard, signing a contract with Hantong Ship Heavy Industry for 4+4 82,000 dwt Kamsarmax bulk carriers.
The order with Hantong Ship Heavy Industry is part of Erasmus Shipinvest’s fleet renewal plan, as nearly half of the company’s Kamsarmax bulk carriers are over 15 years old. Therefore, the company needs to invest in new, modern tonnage to continue serving its traditional grain shipping charterers. The unit price for these new vessels is approximately $37 million, with the first four scheduled for delivery in 2028.
Subsequently, in April this year, Erasmus Shipinvest signed a contract with Huangpu Wenchong for the construction of 2+2 1800TEU container ships, each costing approximately $35 million, with the first two expected to be delivered in 2029. This vessel type is a premium model from Huangpu Wenchong’s independently developed “Honghu” series, embodying intelligent and efficient design concepts. By optimizing the hull form and adopting new energy-saving technologies, these vessels feature low energy consumption, high maneuverability, and wide adaptability, fully meeting the current global shipping market’s demand for operational economy, making them an ideal choice for future regional feeder shipping services.
Industry insiders say that Erasmus Shipinvest’s shift to Chinese shipyards this year is partly due to Japanese shipyards’ delivery slots being booked up to 2030, and partly related to price factors.
It is understood that Erasmus Shipinvest Group is an international integrated shipping group, founded in 2010, focusing on dry bulk transportation, container feeder services, and LPG transportation. With over 1,000 employees, it serves global commodity trading and industrial clients through multiple offices in shipping hubs including Greece, Singapore, China, Japan, Vietnam, and Denmark. Currently, the company owns and operates a fleet of over 30 modern Panamax, Kamsarmax, Post-Panamax, Handysize bulk carriers, feeder container ships, and LPG carriers.
Apart from the three orders this year, Erasmus Shipinvest’s other four existing newbuildings under construction are all being built by Japanese shipyards. According to Clarksons data, these four vessels include one 17,200 dwt general cargo ship built by Higaki Zosen, one 11,000 cubic meter and one 7,500 cubic meter LPG carrier built by Kyokuyo Shipyard, and one 5,000 cubic meter LPG carrier built by Sasaki Zosen, to be delivered between this year and 2028.
Excluding Erasmus Shipinvest’s latest order, according to Clarksons data, Sanfu Shipbuilding currently holds an orderbook totaling 80 vessels of 2.9 million dwt, including 29 container ships, 13 bulk carriers, 31 multi-purpose vessels, and 7 other vessels, with delivery schedules extending to 2029.
