Starting 2007, Six 75000 dwt Panamax bulk carrier in Hudong Zhonghua Shipbuilding and Jiangnan Shipyard.
2011 alone, four 87000 dwt post Panamax bulk carrier from Hudong Zhonghua Shipbuilding and two 176000 dwt capsize bulk carrier from Shanghai Waigaoqiao Shipbuilding.
Look at that beautiful delivery record of Greece George Economou lead Gleamray Maritime, most of the orders were placed before 2008 when the dry bulk shipping sector is at a peak and money just flushed in.
But with time goes by, the market is diving. So the sad thing is they have to charter their higher priced vessels at a lower rate.
It is hard time for everyone, especially for Gleamray today with two 82000 dwt newbuildings at Cosco Dalian Shipyard. Two months postponed delivery of the first vessel finally makes it reach a charter can barely cover the operation cost. And according to the site manager Mr. Theodoros Baltatzis, who was also in charge of the above mentioned projects in Shanghai back then, they are trying to make a special agreement with the shipyard not to take delivery of the second vessel until next year which is originally scheduled this September. And I trust the shipyard will make the wise move to accept the proposal in this dilemma situation. Extra babysitting expense of the vessel for some more months will in return give the shipyard a more smooth delivery next year and maybe potential orders from Gleamray after recovering. There’s a famous saying for today’s companies relating to shipping industry “the survivor is the winner”.
Theodoros also added this is the very first cooperation with Cosco Dalian Shipyard, but the design of the vessel seems not so perfect, time will prove it or not. I attended the ship myself with an overall look--the welding and coating are perfect anyway.
And hopefully the market will soar next year just as many shipping and economic experts have predicted. With so many quality new vessels in operation, which are all registered with one of the top flag state Marshall Islands, Gleamray can enjoy the long waiting fruits.