Veritas Expands Ultramax Fleet with Two More COSCO Newbuilds

Greek dry-bulk owner Veritas Shipmanagement is adding two 64,000-dwt Ultramax bulkers to its future fleet, with the vessels scheduled for delivery from COSCO Shipping Heavy Industry’s Zhoushan yard in 2030.

The order strengthens a shipbuilding partnership that has already produced multiple Ultramax vessels for the company.

Athens-based Veritas Shipmanagement is continuing its fleet renewal programme with a fresh order for two Ultramax bulk carriers at COSCO Shipping Heavy Industry in Zhoushan, China.

Shipbroking sources indicate that the Greek owner has contracted two vessels of approximately 64,000 dwt, with delivery planned for 2030. The financial terms of the deal have not been disclosed.

A useful market reference comes from Xclusiv, which currently values a standard Chinese-built Ultramax newbuilding at around $36 million. If Veritas' vessels were contracted around that level, the two-ship programme would represent an investment of approximately $72 million. However, the actual contract price remains unknown.

The latest order also highlights Veritas' growing relationship with COSCO Zhoushan. The company previously ordered four 63,600-dwt Ultramax bulkers from the same yard in 2023.

That earlier programme is now translating into delivered tonnage. Veritas' fleet records show Axion Esti, built in 2025, and Pantokrator, built in 2026, both at COSCO Shipping Heavy Industry and each carrying around 63,900 dwt.

The repeat business is significant from an owner-shipyard perspective. COSCO Zhoushan has extensive experience constructing bulk carriers, including vessels in the 63,000–64,000-dwt range, making the yard a proven option for owners looking to build a standardised Ultramax fleet.

For Veritas, ordering well ahead of the 2030 delivery window provides a degree of visibility over future fleet capacity. It also gives the company an opportunity to build on an established vessel design and shipyard relationship rather than entering an entirely new construction programme.

For the wider dry-bulk market, two additional Ultramaxes are a relatively small addition to global supply, but the order is another indication that owners remain willing to commit capital to modern geared bulk carriers several years ahead of delivery.

Why this matters

• For shipowners: Repeat orders can reduce technical and operational complexity by creating a more standardised fleet.
• For shipyards: Veritas' return to COSCO Zhoushan demonstrates the value of established owner-yard relationships.
• For operators and charterers: Two more modern Ultramaxes will enter the market in 2030, adding future cargo-carrying capacity in a widely traded dry-bulk segment.
• For seafarers: A growing fleet of newer vessels generally means more opportunities to operate modern tonnage with updated navigation, machinery and safety systems.

Conclusion

Veritas is taking a long-term approach to fleet expansion, securing two more Ultramaxes at a yard it already knows well. With delivery scheduled for 2030, the move adds another layer to the Greek owner's future dry-bulk capacity.