Greece's Evalend Abandons Option for 210,000-DWT Bulk Carrier at Dajin Heavy Industry

en.Wedoany.com Reported - On October 26, Greek shipowner Evalend Shipping decided not to exercise its option for a fourth 211,000-DWT Newcastlemax bulk carrier at Tangshan Dajin Offshore Marine Engineering Co., Ltd., a subsidiary of Dajin Heavy Industry. Dajin Heavy Industry disclosed in an announcement that day (No. 2026-076) that the option exercise period had expired and that, after negotiation between the two parties, the buyer decided to abandon the option, involving an amount of approximately RMB 525 million (about USD 78 million).

The option being abandoned is the option portion of the "3+1" shipbuilding contract signed in July 2026. The contract comprises 3 firm vessels and 1 buyer's option vessel, with a total value of approximately RMB 2.1 billion, of which the 3 firm vessels account for approximately RMB 1.575 billion and the option vessel for approximately RMB 525 million. Following the abandonment of the option vessel, the total contract value is adjusted to approximately RMB 1.575 billion, and the 3 firm vessels will still be delivered in batches from 2029 to 2030 as originally planned.

Dajin Heavy Industry stated in the announcement that option clauses are a common commercial arrangement in shipbuilding contracts, and that the buyer's failure to exercise the option does not constitute a breach of contract and does not involve liability for breach; it will not have a material adverse impact on the company's production, operations or production scheduling plans.

In addition to Evalend's 5 firm vessels, Dajin Heavy Industry has also secured orders for 4 vessels from Danaos (delivery in 2028), 8 vessels from Seatankers (delivery in 2028–2029), and 2 vessels from Cape Shipping (delivery in 2029), among others, bringing the cumulative number of firm Newcastlemax vessels disclosed in 2026 to more than 16. Evalend's abandonment of 1 option vessel reduces the order book by 1 vessel, but the 3 firm vessels still form part of the shipyard's 2029–2030 delivery plan.