Investing in Fuel-Efficient Vessels Built in Japan
Interview: DryDel Shipping CEO Costas Delaportas
Greek bulk carrier owner and operator, DryDel Shipping, ordered a 182,000 DWT Capesize bulker from Namura Shipbuilding last year, marking its entry into the Capesize segment. The company plans to continue fleet development using low-fuel-consumption, high-efficiency vessels built in Japan. Costas Delaportas, CEO of DryDel Shipping, stated, “Our entire newbuilding orderbook consists of highly efficient oil-fired ships, which offer 30-40% better fuel efficiency compared to older vessels. By focusing on the latest ship designs from top-tier shipyards, we maintain high operational efficiency in our fleet.” We spoke with CEO Delaportas about the company’s ties with Japan and future initiatives.
― Can you give us an overview of Drydel?
“Our company was founded in 1988 by my late father, Dionisis Delaportas, an experienced shipping man who started the business with a 20,000 DWT Handysize bulk carrier. I joined the company in the early 2000s and led our expansion into larger bulk carriers, such as 53,500 DWT Handymax vessels, and into the operator business. This was a major turning point for our company’s growth.”
“We currently own and manage 12 bulk carriers (1 Kamsarmax, 6 Ultramax, and 5 Handysize) as shipowners. Additionally, we operate 20 long-term chartered in vessels and 25 short-term chartered in vessels, transporting 5.5 million dwt of dry bulk cargo annually, mainly grain, alumina, and fertilizers. This makes us quite unique among Greek shipowners. Our main Japanese clients include Itochu Corporation, Mitsubishi and Marubeni, and we also serve various industries.”
“In addition to our headquarters in Athens, we opened a Singapore office in 2010, followed by offices in Dubai (2018), São Paulo (2024), and Houston (2025). These serve as operational bases for our operator business, with all offices managing COA (Contract of Affreightment) agreements. The Singapore office currently covers the Japanese market, but we are open to establishing a Japanese office if we find the right talent.”
― What is your fleet development policy?
“Since 2021, we’ve been updating our fleet with state-of-the-art vessels built by Japanese shipyards to reduce GHG (Greenhouse Gas) emissions and comply with environmental regulations. Our current order book includes 10 vessels: 2 Capesizes, 1 Kamsarmax, 5 Ultramax, and 2 Handysize ships, being built at Namura Shipbuilding, Tsuneishi Shipbuilding, Imabari Shipbuilding, Shin Kurushima Dockyard, and Oshima Shipbuilding.”
― You are entering the Capesize market with the newbuildings.
“We ordered two 182,000 DWT bulk carriers from Namura Shipbuilding last year, scheduled for delivery in 2028. The Capesize newbuilding order book is at a low 6-7% of the existing fleet, indicating a potential future shortage. Additionally, many Capesize bulk carriers built between 2009 and 2011 will reach 15 years of age starting next year. Increased demand for transporting iron ore and bauxite from West Africa is also expected. We plan to start with two vessels and gradually expand our Capesize fleet while monitoring market trends.”
― How are you addressing GHG emissions reduction?
“Environmental regulations are becoming increasingly stringent, but the maritime industry still lacks a definitive alternative fuel. For this reason, we have chosen to invest in more efficient newbuilds, allowing us to maintain high efficiency while minimizing environmental impact. Since starting our fleet renewal in 2021, the average age of our fleet has decreased to four years.”
― What are your thoughts on alternative fuels?
“Ammonia, methanol, and LNG dual-fuel vessels face challenges such as fuel supply uncertainty, which poses risks for bulk carriers with unpredictable port calls. Biofuels offer a practical solution for reducing GHG emissions but are still in the testing phase and, not yet widely available. Additionally, biofuels are difficult to source and find, which further limits their current viability on a large scale. Patience is required for these to mature.”
“Therefore, the best GHG reduction strategy at the moment is to invest in modern, eco-type conventional fuel vessels. Additionally, slow steaming all vessels can further reduce emissions. On the other hand, inefficient vessels over 20 years old must be phased out to immediately lower GHG emissions.”
― Do you have any plans to expand beyond the bulk carrier market?
“We are in a growth and expansion phase, so we are open to exploring any sector if it makes economic sense. We have over 30 years of experience in dry bulk and skills transferable to other sectors. Although we have no concrete announcements yet, we are open to new fields if they align with our strategic goals.”
― What are your thoughts on Rightship’s plan to lower the inspection age for bulk carriers?
“I believe that stricter inspections are a positive aspect. For older vessels, the new regulations will increase the number of inspection items, making it more challenging to comply. As a result, the value of older ships will decline.”
― Can you tell us about your relationship with Japan?
“My first visit to Japan was in 2010, when I secured our first charter contract with a Japanese shipowner. Since then, I have visited Japan 3-5 times a year, building strong relationships with partners and friends. I consider Japan my second home.”
― Could you share any recent business developments in Japan?
“In recent months, we formed a joint venture with a close Japanese shipowner partner, aiming to share expertise, resources, and long-term vision for mutual value creation. For fleet development, newbuilding contracts were signed with Japanese Shipyards for four newbuilds last year and two newbuilds this year. As an operator, the company concluded two long-term charter contracts for 5 to 6 years and three short-term charter contracts for 1 to 3 years. Additionally, we secured three financing agreements with Japanese financial institutions and concluded five Sale and Leaseback (SLB) transactions with Japanese partners. These deals reflect our deep ties and credibility in the Japanese market.”
— What is the background behind strengthening ties with the Japanese maritime cluster?
“The reason is that Japan has the highest quality vessels with the best performance. Japanese shipowners are my good friends and partners. I feel that Japan and Greece share strong similarities in their values. Both cultures place great importance on building long-term relationships based on trust and mutual respect. This shared spirit forms the foundation of our longstanding strong bonds with Japan, which has led us to build more than 15 bulk carriers in Japan and engage in joint ventures, bareboat charters, and SLB (Sale and Leaseback) transactions.”
— How does Drydel handle ship management and crew employment?
“Our ship management is conducted at our headquarters in Athens, where we have a staff of 55 people. We are highly regarded in the market, and last year, we won the Lloyd’s List Award for Dry Cargo Company of the Year.”
“All of our crew members are Filipino, and we currently have 700 seafarers onboard. Over the past four years, more than 1,500 seafarers have signed contracts on our vessels. We are committed to improving onboard conditions, such as by introducing high-speed data communication. As a result, our fleet’s re-embarkation rate has reached 97%.”
— What are your thoughts on mergers and acquisitions among dry bulk companies?
“Getting bigger through mergers is a beneficial development, but it’s not easy to integrate different organizations. Merging with other companies is one growth strategy option, but it must be considered carefully, as it also affects employees.”
— What is your outlook on the dry bulk market?
“It’s a difficult question because cargo demand is currently sluggish. Compared to three months ago, the charter market has seen a significant drop of 40-50%. However, since vessel supply is limited, I remain cautiously optimistic. I expect the market to start recovering around the second half of 2026. If the market remains sluggish for the next year to a year and a half, people will start considering the scrapping of older vessels due to rising operating costs caused by new environmental regulations.”
“Even when the market is down, it is crucial to secure good transport contracts while preparing for market recovery. We are getting ready for the next market upturn, keeping in mind the volatility of the shipping market.”
— Why do Greek shipowners, including Drydel, continue to hold the world’s largest fleet capacity?
“Despite Greece having a population of around 10 million, it has the world’s largest commercial fleet because shipping is the most important industry for Greece. Shipping is a traditional business in Greece, and Greeks have extensive experience and deep knowledge of the maritime industry. The Greek shipping sector will continue to grow in the future.”
― Do you have a message for Japanese maritime stakeholders?
“I encourage Japanese stakeholders to continue building high-quality vessels and conducting excellent business as they have always done. Japan produces the best quality ships. Although China is the biggest competitor, I hope Japanese shipbuilders unite to enhance their competitiveness. We will continue to support Japanese shipyards and shipowners.”
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