Turkey’s emerging shipowners are betting on the “new” production capacity of Chinese shipbuilders. Aqmaris Gemi, established just one year ago, has reportedly placed orders with two Chinese shipyards for 16 new vessels across two classes. All these contracts are being executed at the two yards’ newly built “base facilities,” which they have developed in recent years by revitalizing idle shipyards and expanding capacity at off‑site locations.
Two Chinese shipyards have secured orders for 16 new vessels, as a newly established shipowner rapidly expands.
According to Aqmaris Gemi’s official website, the company has placed orders for a total of 12 Ultramax‑type bulk carriers with Wuhu Shipyard and Xiangyu HaiZhuang. These newbuilds are scheduled for delivery between 2028 and 2029. Wuhu Shipyard has secured four orders, which will be constructed by Weihai Wuhu Shipbuilding, with hull numbers W2611, W2612, W2613, and W2614. The remaining eight vessels will be built by Qidong Xiangyu HaiZhuang, a subsidiary of Xiangyu HaiZhuang, with the first four hull numbers being XYQD‑031, XYQD‑039, XYQD‑040, and XYQD‑041.
In addition, Clarkson’s data show that Aqmaris Gemi has also placed an order with Wuhu Shipyard for four 49,950‑dwt MR‑type product/chemical tankers, scheduled for delivery in 2028. These four vessels are being built at Wuhu Shipyard’s Nantong base, with hull numbers W2631, W2632, W2633, and W2634.
Notably, the aforementioned orders were all signed previously but have not been publicly disclosed; the specific vessel prices remain undisclosed at this time.
For reference, Clarkson’s data show that the current price of a new 61,000–64,500 dwt Ultramax bulk carrier is approximately US$35.25 million, up about 5% from US$33.50 million at the same time last year; meanwhile, the price of a new 47,000–51,000 dwt MR product tanker stands at around US$51.50 million, further increasing from US$49.00 million in the corresponding period last year.
If roughly estimated based on current market prices, the total value of Aqmaris Gemi’s aforementioned 16 new vessels is approximately US$560 million (about RMB 3.779 billion).
According to reports, Aqmaris Gemi was incorporated in Istanbul, Turkey, in August 2025 and is an emerging shipping and ship management company.
Although it has been established only recently, the company has already begun rapidly expanding its own fleet. At present, Aqmaris Gemi operates two Ultramax bulk carriers—the 64,000‑dwt “ZEYNEP” and the “EMINE.” Both vessels were built in 2026 at Zhoushan COSCO Shipping Heavy Industry.
Meanwhile, Aqmaris Gemi has been aggressively securing newbuilding capacity at Chinese shipyards. With 12 Ultramax bulk carriers and 4 MR‑type product/chemical tankers set to be delivered in succession, the company’s fleet size is expected to expand significantly over the next few years.
It is reported that Aqmaris Gemi’s new shipbuilding project at the Wuhu Shipyard has also secured financing from Yingxing Financial Leasing (Anhui) Co., Ltd. Established in 2023, the company was jointly founded by the Wuhu Shipyard, Wuhu Industrial Investment Fund Co., Ltd., and Wuhu High-Tech Industry Development Fund Co., Ltd., and primarily provides financial leasing services to the transportation sector.
The “Old Shipyard” is revitalized, as Chinese shipbuilders accelerate their off-site expansion to unlock additional production capacity.
It is worth noting that all of Aqmaris Gemi’s recent orders have been fulfilled by new facilities recently established by Wuhu Shipyard and Xiangyu Marine Equipment through the revitalization of existing assets, which also underscores that Chinese shipbuilders’ off-site expansion and the repurposing of idle capacity are increasingly yielding tangible results.
Among them, Weihai Wuchuan originated from Weihai Sanjin Shipbuilding. In August 2023, Wuhu Shipyard and the Weihai Economic and Technological Development Zone signed an official agreement, launching the Wuchuan Weihai Green Offshore Engineering Technology Industrial Base project. The project boasts a total investment of approximately RMB 2 billion. Following 14 months of preparation and construction, Weihai Wuchuan officially commenced production in May 2024, marking the beginning of a new phase in Wuhu Shipyard’s development—transitioning from river‑based to offshore operations—after more than a century of serving inland waterways.
The Nantong base of Wuhu Shipyard was developed through the transformation of part of the production capacity formerly operated by Jiangsu Rongsheng Heavy Industries. Earlier this year, Wuhu Shipyard and Rugao Port‑Side Industrial Park Development Co., Ltd. established a joint venture, Wuship (Nantong) Shipbuilding Co., Ltd., and, by means of leasing, brought back into operation two of the four large dry docks—along with their associated ancillary facilities—that had been left idle at the former Jiangsu Rongsheng Heavy Industries site.
Leveraging its large dry dock and supporting facilities, the Nantong base can effectively alleviate the capacity bottleneck at Wuhu Shipyard’s main yard for building large vessels. It will focus on constructing large container ships, bulk carriers, and offshore engineering equipment, thereby becoming a key hub for Wuhu Shipyard’s cross‑river expansion, the efficient utilization of existing dry‑dock resources, and the development of the high‑end shipbuilding market in the Yangtze River Delta.
Similar to Wuhu Shipbuilding, Xiangyu Marine Equipment is also accelerating capacity expansion by revitalizing its existing shipyard assets. The predecessor of Qidong Xiangyu Marine Equipment was Jiangsu Hongqiang Shipbuilding Heavy Industry Co., Ltd. In August 2024, Xiangyu Marine Equipment successfully acquired the core assets of Hongqiang Heavy Industry for RMB 440 million and invested RMB 2 billion to build the Qidong Xiangyu Marine Equipment Project. On August 1, 2025, Qidong Xiangyu Marine Equipment officially commenced production, marking the establishment of a new competitive and developmental structure characterized by “three plants and five bases.”
Currently, Xiangyu Hai Zhuang’s Nantong plant focuses on medium- and large‑size bulk carriers, container ships, and chemical tankers; the Qidong base primarily builds offshore support vessels and bulk carriers, striving to achieve new breakthroughs in high‑end shipbuilding; meanwhile, the Rugao base is leasing the former Nantong Tongbao Shipbuilding Co., Ltd. and is constructing small stainless‑steel chemical tankers.
It is readily apparent that, as the new shipyards come on line one after another, the production capacity unlocked in recent years by the two shipbuilders through the efficient utilization of their existing dry docks is steadily translating into concrete orders and a growing market share.
According to Clarkson’s data, as of now, Qidong Xiangyu Marine Equipment holds a total of 40 vessel orders amounting to 2.5951 million deadweight tons, including 34 bulk carriers, 4 multipurpose vessels, and 2 offshore support vessels, with delivery schedules extending through 2029.
Weihai Wusong currently holds a total of 39 vessel orders, amounting to 1.9136 million deadweight tons. These include 26 chemical tankers, 2 asphalt carriers, 10 bulk carriers, and 1 car-passenger ferry, with delivery schedules extending through 2029.
Wuship (Nantong) currently holds a total of 45 vessel orders, amounting to 5.5076 million deadweight tons, including 26 bulk carriers, 16 oil tankers, and 3 container ships, with delivery schedules extending through 2029.
