Hosei Kaiun has signed a contract with Higaki Shipbuilding in Japan for the construction of two 17,000 dwt multi-purpose vessels. The price of the new vessels has not been disclosed.
The two new vessels ordered by Hosei Kaiun are NOx Tier 3 compliant and the new vessels, scheduled for completion in 2026, have already signed a time charter contract with Denmark-based Ultrabulk.
Announcing the new vessel order, Hiroyuki Takahashi, President of Hosei Kaiun, said, “We plan to further strengthen our global business in multi-purpose vessels.”
Hosei Kaiun currently owns three 17,000 dwt multipurpose vessels. In addition to ordering two 17,000 dwt multi-purpose vessels, the owner has purchased five second-hand coastal vessels and ordered two newbuild 13,000 dwt coastal vessels from unnamed shipyards.
Hosei Kaiun was established in 2015 as a joint venture between Toei Shipping, Shibuta Shipping and Baosheng Shipping.The company’s business includes ship sales and purchases, financing, and newbuilding projects, and it has offices in Dalian, China, and Singapore.Hosei Kaiun’s fleet consists of 11 oceangoing vessels (mainly double-deck multipurpose vessels), and it has four vessels under construction.
The coastal and multi-purpose vessel market, which has been stagnant since 2022, shows signs of recovery in 2024. Currently, charter rates for 17,000 dwt multi-purpose vessels are at a record high of $16,350 per day. European shipping companies such as Ultrabulk and Norden expect demand for multipurpose vessels to increase rapidly in order to meet Ukraine’s reconstruction needs.
As a result of the Russian-Ukrainian conflict, Ukraine’s main ports have limited functionality and are difficult for large ships to access. Therefore, small multipurpose vessels equipped with cranes play a vital role in cargo handling.
It is reported that there are 250 multi-purpose vessels worldwide and 151 in Japan, but there are only three to four shipyards in Japan that can build multi-purpose vessels.