Despite soaring steel prices and other hurdles, some shipyards and shipping companies are still able to strike deals for bulker newbuildings.

Globus Maritime, a Nasdaq-listed dry bulk company controlled by Greece’s Feidakis family, reported its first such order in its 16-year history.

The Athens-based company announced on Tuesday it has commissioned the construction of a 64,000-dwt ultramax at Nihon Shipyard (NSY) in Japan due for delivery in the first half of 2024.