Greek shipowner and operator Efnav Co. Ltd. is reinforcing its presence in the global dry bulk shipping market with a significant newbuilding order for six kamsarmax bulk carriers at Hengli Heavy Industries, representing the Athens-based shipowner’s first partnership with the fast-expanding Chinese shipyard. The agreement for the 82,000 DWT kamsarmax bulk carrier newbuilds was formally inked this week in Dalian during an official signing ceremony attended by Efnav Co. Ltd. founder Philippos Efstathiou and Hengli Heavy Industries Group chairman Chen Jianhua. Greek shipbroking circles estimate that the contract value per ship is between $36 million and $38 million, valuing the total order between $216 million and $228 million. Delivery of all six kamsarmax bulk carriers is expected to commence in Q3 2026, strengthening Efnav Co. Ltd.’s modern dry bulk fleet and long-term commercial profile. Each kamsarmax bulk carrier will be constructed to Hengli Heavy Industries’ proprietary eco design, integrating cutting-edge propulsion, hull optimization, and digital energy management systems. The ships will be compliant with EEDI Phase 3 standards under the International Maritime Organization’s (IMO) framework, achieving notable reductions in carbon intensity and fuel consumption. According to Hengli Heavy Industries, the series will embody the shipyard’s latest generation of “green, efficient, and safe” bulk carriers, targeting operational efficiency and reduced lifecycle emissions. The new contract marks a pivotal step for Efnav Co. Ltd., signaling its return to active fleet renewal after several years of maintaining a stable fleet profile. Efnav Co. Ltd., headquartered in Athens, has long been recognized as a privately owned and family-managed enterprise with a strong presence in the dry bulk market. Founded and led by Philippos Efstathiou, Efnav Co. Ltd. has built a reputation for prudent fleet management, focusing on modern, fuel-efficient ships primarily in the kamsarmax and panamax segments. The shipping group operates approximately 15 dry bulk ships with a total carrying capacity exceeding 1.2 million DWT, trading worldwide in coal, grains, ores, and minor bulks. Efnav Co. Ltd. has traditionally maintained a conservative commercial strategy, balancing spot market exposure with time-charter coverage, while keeping a close eye on fleet renewal cycles and emerging regulatory standards. Its management approach combines operational efficiency with sustainability, aligning with the evolving decarbonization goals of the maritime industry. The Athens-based shipowner last entered the newbuilding market in 2018 when it ordered two kamsarmax bulk carrier newbuilds at Nantong COSCO KHI Ship Engineering (NACKS), followed by another in 2019, both of which remain active in its trading fleet. The new partnership with Hengli Heavy Industries demonstrates Efnav Co. Ltd.’s confidence in the shipyard’s expanding technical capabilities and China’s growing shipbuilding competitiveness, particularly in the large dry bulk segment. For Hengli Heavy Industries, the deal reinforces its rapid rise as a serious player among major Chinese builders. The shipyard has been aggressively expanding its portfolio with a stream of new contracts, including Very Large Crude Carriers (VLCCs), capesize bulk carriers, and kamsarmax bulk carriers, over the past months. Hengli Heavy Industries’ in-house design and production capacity, combined with strong financial backing, have made it a preferred yard for international shipowners seeking both quality and cost efficiency. The agreement with Efnav Co. Ltd. also highlights the increasingly close cooperation between Greek and Chinese maritime interests, a trend that has accelerated in recent years. Earlier in October 2025, Thanasis Martinos-led Eastern Mediterranean Maritime (EASTMED) was reported to have contracted four kamsarmax bulk carrier newbuilds from Hengli Heavy Industries, while Stamatis Tsantanis-led Seanergy placed an order for one 181,000 DWT capesize bulk carrier, with options for another unit. Efnav Co. Ltd.’s latest move reflects a broader strategic effort among Greek shipowners to invest in next-generation, energy-efficient ships ahead of tightening emissions regulations and carbon pricing mechanisms, ensuring long-term competitiveness in a rapidly changing maritime landscape. 28-October-2025
Greek shipowner and operator Efnav Co. Ltd. has signed a newbuilding deal for two kamsarmax bulk carriers at Nantong COSCO KHI Ship Engineering (NACKS Shipyard), a prominent and technologically advanced shipyard founded in 1999 as a joint venture between China COSCO Shipping and Japan’s Kawasaki Heavy Industries. The Athens-based shipowner and operator Efnav Co. Ltd. is investing approximately $27 million per kamsarmax dry bulk carrier. Both ships will be constructed under the IMO Tier II emission standards, reflecting Efnav Co. Ltd.’s practical approach toward proven engine designs and cost-efficient fleet expansion. Deliveries are expected to enhance the shipowner’s operational capacity in key grain, coal, and ore trades between Asia, Europe, and South America. The order marks Efnav Co. Ltd.’s return to the newbuilding market after a five-year break, underscoring its renewed commitment to fleet modernization and growth in anticipation of rising trade flows and tightening environmental regulations. Efnav Co. Ltd., based in Athens, has a long-standing reputation within the Greek shipping community as a privately owned and family-run enterprise that has maintained a stable presence in the dry bulk market for decades. Founded by Philippos Efstathiou, Efnav Co. Ltd. has built its name through prudent fleet management, emphasizing reliability, operational performance, and technical excellence. The shipowner manages a fleet of kamsarmax and panamax dry bulk carriers trading worldwide, carrying a diverse range of commodities such as iron ore, grains, fertilizers, coal, and bauxite. Efnav Co. Ltd. has consistently adhered to a conservative commercial strategy, combining period charter coverage with spot market exposure to optimize earnings while mitigating freight volatility. Efnav Co. Ltd. has also placed increasing importance on environmental performance and operational optimization, investing in hull maintenance, energy efficiency retrofits, and digital fleet monitoring systems. The Athens-based shipowner’s previous newbuilding activity dates back to 2012, when Efnav Co. Ltd. ordered four firm kamsarmax dry bulk carriers of 83,000 DWT each at STX Shipbuilding in South Korea, valued at approximately $33 million per ship. These newbuildings strengthened Efnav Co. Ltd.’s fleet and positioned it to take advantage of market upswings in the years following delivery. Over time, Efnav Co. Ltd. has cultivated a reputation among charterers for reliability and technical proficiency, maintaining long-term commercial relationships with leading trading houses and cargo operators. The management philosophy of Efnav Co. Ltd. emphasizes direct oversight, cost discipline, and technical precision, with all ship operations managed out of its Athens headquarters. The company’s technical department maintains strict supervision over maintenance, class surveys, and performance monitoring to ensure that each ship remains fully compliant with the International Maritime Organization’s evolving safety and emissions regulations. With this latest order at Nantong COSCO KHI Ship Engineering, Efnav Co. Ltd. continues to reaffirm its commitment to fleet renewal and modernization. The shipowner’s decision to collaborate with NACKS Shipyard highlights its confidence in the shipyard’s engineering expertise and build quality. This deal also reflects the broader trend among Greek shipowners of turning to Chinese shipyards for efficient and timely deliveries amid high shipyard utilization in South Korea and Japan. Efnav Co. Ltd.’s disciplined investment strategy and strong technical background position it to navigate the evolving dry bulk market landscape and continue its legacy as one of Greece’s resilient mid-sized shipowners with a long-term outlook grounded in operational excellence and financial prudence. 15-January-2018