Greek bulker owner and operator DryDel Shipping is expanding its fleet with an ultramax newbuilding deal in Japan.

The Costas Dellaportas-led company has penned a contract with Nihon Shipyard to see the 64,000 dwt vessel delivered in 2028. Financial terms have not been divulged.

The order marks the 10th vessel in DryDel’s ongoing newbuilding program, all placed at Japanese shipyards. Prior to the latest ultramax deal, the company booked a pair of capesize newbuilds at Namura Shipbuilding with delivery also set for 2028.

The newly ordered vessel will feature a fuel-efficient hull design, a Tier III/Phase 3 compliant engine, and advanced energy-saving technologies, including a hybrid fin and a weather-assisting duct, DryDel said.

Imabari Shipbuilding has a 51% ownership stake in Nihon Shipyard, a joint venture established with Japan Marine United holding the remaining 49%.

Commenting on the order, DryDel’s chief executive, Dellaportas, said: “Despite today’s challenging market environment, I am proud to welcome another high-quality newbuilding project from the esteemed Imabari Shipbuilding, reaffirming our long-standing commitment to Japanese shipbuilding,” adding: “I am a firm believer in the long-term potential of the dry bulk sector; this vessel underscores our forward-looking approach.”