Bangladesh’s Meghna Group of Industries is considering an order for four ultramax bulkers in China worth up to $92m — marking a return to newbuildings after a two-year absence.
Market sources said Meghna is in contact with three shipyards: Yangzijiang Shipbuilding, New Dayang Shipbuilding and Nantong Xiangyu Shipbuilding & Offshore Engineering. The yards and Meghna were not available for comment.
A shipbuilding source said Meghna plans to order two firm vessels plus two options as part of its fleet expansion and renewal programme.
“Meghna wants the bulk carriers to be equipped with South Korean-make equipment and of IMO Tier II emission standards,” he said, estimating that the 63,500-dwt vessels would cost $23m apiece.
Two years ago, Meghna was reported to have entered a newbuilding contract with Taizhou Sanfu Ship Engineering for a 64,000-dwt bulker newbuilding to be delivered this year. The deal included one option. However, that contract did not take effect.
“Meghna needed the bulk carrier urgently and decided to turn to the secondhand market for the ship,” the source said. “It cancelled the contract with Sanfu in end-2018 and managed to get back its down payment.”
Meghna is believed to have replaced Sanfu’s ultramax newbuilding with the Oshima-built, 62,500-dwt Adventure II (built 2018).
According to IHS Markit, it acquired the ship from South America’s Ultrabulk in March for $25.5m. It was delivered in June.
Clarksons’ Shipping Intelligence Network lists Meghna with a fleet of 38 vessels — bulkers, general cargo ships, small LPG carriers, chemical tankers and product carriers of less than 2,500 dwt.
On the dry bulk side, in addition to the Adventure II, it owns seven supramaxes built between 2005 and 2008.
Meghna is one of the leading conglomerates in Bangladesh, with a turnover of $2.5bn. The group is made up of 45 companies with businesses ranging from shipping and logistics to chemical production, energy and power, real estate, insurance, food and others.
It has two shipping firms: Mercantile Shipping Lines and United Shipping Lines. It also owns Meghna Shipbuilders & Dockyard.
