Canadian dry bulk owner and operator Fednav is heading back to Japan for a new series of handysize bulkers, marking its latest move in the newbuilding market.

The Montreal-based company has signed a letter of intent with Oshima Shipbuilding for four 35,000 dwt lakers, with deliveries scheduled by mid-2029.

President and chief executive Paul Pathy announced the deal, underlining the company’s continued focus on modern, fuel-efficient tonnage tailored for trades into the Great Lakes and St. Lawrence Seaway.

The deal adds to Fednav’s existing orderbook and strengthens its long-standing relationship with Japanese builders. In 2021, Canada’s largest dry bulk shipping group signed a deal with Sumisho Marine and Oshima to build 10 new 34,800 dwt ocean-going lakers.

With the latest letter of intent, Fednav’s forward orderbook — including long-term chartered vessels — rises to 11 ships across the handysize and ultramax segments.

Fednav operates a fleet of around 120 bulk carriers, of which more than 60 are owned. The return to Oshima highlights the company’s continued reliance on Japanese yards for specialised laker designs and signals steady fleet renewal for the Canadian operator as it positions itself for long-term demand in both inland and ocean-going bulk trades.