Accelerated Expansion of Bulk Carrier Fleet Led by Hybrid Propulsion Tech

Pacific Carriers Announces First Multi-Purpose Vessel With an Initial Capacity of 40,000DWT

Singapore-based Pacific Carriers, a subsidiary of Kuok Maritime Group, celebrated a significant milestone in its fleet modernization when they officially unveiled the Pac Libra, their latest multi-purpose vessel on November 20, 2025. She represents the first in a new series of 40,000DWT ships being developed jointly between Pacific Carriers and Singaporean shipbuilder PaxOcean that are designed specifically to transport project cargo.

PaxOcean Zhoushan built this vessel according to American Bureau of Shipping class rules, reflecting their strategic focus on providing specialized cargo transportation capabilities in line with growing project cargo demand. Pacific Carriers stands ready to capitalize on this growing demand with this series of newbuild ships from PaxOcean Zhoushan.

Aasen Shipping Expands Hybrid Propulsion Strategy

Norwegian shipowner Aasen Shipping recently placed a repeat order with Wartsila technology group for an integrated hybrid propulsion system on a bulk carrier being constructed at Royal Bodewes shipyard in the Netherlands. This order, placed in Q3 2025, marks one in a series of six vessels equipped with similar Wartsila systems demonstrating its commitment to decarbonization and operational efficiencies.

The 9,500DWT bulk carrier will feature a six-cylinder Wartsila 25 main engine equipped with an NOx Reducer, hybrid system featuring DC hub and 620kWh battery capacity, advanced control systems and Wartsila equipment expected for delivery during the first half of 2027. According to Aasen Shipping CEO Torbjorn Torkelsen, previous ships in the series have demonstrated Aasen Shipping's dedication towards efficient cargo transport operations that contribute to an environment-friendly cargo industry.

Multiple Bulk Carrier Deliveries in Multiple Global Markets

From November 18-26, several bulk carrier deliveries occurred across various markets. China's Jiangsu Ocean Shipping took delivery of its newly ordered four-bulker order (the JOSCO Mingzhou) from Jiangsu Soho Chuangke Shipbuilding on November 18, forming part of an order placed back in June 2024. Shandong Xinneng Shipbuilding then introduced Jinhang No 1; an 2,000DWT bulk carrier intended for operations by Zijin Mining Group operating out of Africa's inland waters under an US$10 million contract agreement.

Market Fundamentals Display Indications of Weakening

Although market analysts reported a positive newbuild activity, market analysts reported weakening conditions in the dry bulk sector. Star Bulk Carriers posted weaker third-quarter results amid declining dry bulk markets. According to BIMCO's Shipping Analysis Manager Filipe Gouveia, supply and demand balance is estimated to strengthen slightly between 2025-2027 before gradually weakening, due to declining coal shipments and stagnating iron ore exports respectively.

Global coal shipments declined 6 percent year-on-year during the first half of 2025 due to weak import demand in large markets like China and advanced economies, where cargo loadings have seen considerable slowing. This market headwind is offset by major shipowners investing in modern, efficient tonnage to maximize operational performance while meeting increasingly stringent environmental regulations.