An option for a fourth 211,000 dwt newcastlemax bulk carrier at China’s Dajin Heavy Industry has expired, with Greek owner Evalend Shipping identified in market reports as the customer, according to Splash247. The unexercised option removes a potential CNY525m ($78m) ship from the yard’s prospective orderbook, while leaving the three firm vessels under the agreement intact.
Dajin disclosed that the unnamed Greek buyer had decided against taking up the additional vessel following discussions between the two sides. The option formed part of a three-plus-one shipbuilding contract signed in July. Had all four vessels been confirmed, the agreement would have reached a maximum value of CNY2.1bn, equivalent to $313m, Splash247 reported.
The remaining three newbuildings have a combined contract value of CNY1.575bn, or approximately $235m. They are being built at the group’s Tangshan Dajin subsidiary, with completion due during 2029 and 2030. Dajin said the customer’s decision was not a breach of contract and carried no penalties. It also said it did not anticipate a material effect on either its production timetable or its financial performance for 2026.
The connection to Evalend remains based on market reporting rather than identification in Dajin’s filing. Splash247 said Chinese shipbuilding reports had associated the contract with the company led by Kriton Lendoudis. The outlet had also reported Evalend as the buyer when the agreement emerged in July, describing the order as its entry into the newcastlemax segment.
Evalend has subsequently been linked to other tanker and bulker investments in Asia, including four LR1 product tankers at Yangzijiang Shipbuilding, according to Splash247. Dajin’s other reported Greek newcastlemax customers include John Coustas-led Danaos Corporation, with four 211,000 dwt ships due in 2028, and the Adrianopoulos family’s Cape Shipping, with two vessels of the same size scheduled for 2029.