Shipping Corp to acquire Tk934cr bulk carriers from US firm Hellenic

Infographics: TBS

Bangladesh Shipping Corporation (BSC), the state-owned oceangoing vessel management authority, has selected a US-based company, Hellenic Dry Bulk Ventures LLC, to purchase two bulk carriers for $76.698 million, equivalent to Tk935 crore.

The Cabinet Committee on Government Purchase approved the procurement proposal on Tuesday (12 August).

In a strategic move to expand its presence in the shipping industry and grow its fleet, BSC will invest its own funds to procure the vessels – each having a capacity of carrying 55,000-66,000 DWT – for the first time in its history.

Previously, the corporation acquired ships through government funding. 

The ships are expected to be delivered by November this year, with the first handover in September and the second by November, according to company officials.

Marking a significant milestone, Commodore Mahmudul Malek, managing director of BSC, told TBS, "As the purchase committee approved the acquisition of bulk-carriers, now we will sign an agreement with bidder Hellenic Dry Bulk Ventures."

"If these two ships, equipped with modern technical features and environmentally friendly technology, are added to the fleet, Shipping Corporation's own transportation capacity will increase by approximately 1,20,000 DWT, which will be a significant addition to the country's maritime trade, he added.

A total of eight institutions purchased the tender documents, and three bidders submitted their tenders within the specified deadline from 4 June to 16 July.

He said the technical aspects of the ships proposed in the bids were thoroughly examined, and the evaluation committee conducted on-site inspections to observe the construction status of the two ships. The ship specifications were prepared, and expert services from representatives of Classification Society(s) were taken for the technical evaluation of the ships.

"Ultimately, after technical and financial evaluation, Hellenic Dry Bulk Ventures LLC's proposed price per ship was $38.349 million, with a total combined recommended price of $76.698 million for the two ships, which is 4.60% lower than the official estimated price of $80.40 million, said a press release of BSC.

Mahmudul Malek said, "We floated a tender to acquire ships that are currently under construction. A technical and evaluation committee has visited the ships in China, which are about 90% complete, with the remainder expected within the stipulated timeframe. Brigadier General (retd) M Sakhawat Hossain, advisor to the Ministry of Shipping, will also visit the ships soon."

Purchase of three more ships planned

The shipping corporation is preparing for its most ambitious fleet expansion in decades, with three new vessels to be added under a fresh government-backed procurement plan.

This comes alongside the state-owned company's ongoing acquisition of two bulk carriers under its own financing — a combined move that could see the fleet reach 10 ships by the first half of 2026.

The decision follows a remarkable financial turnaround for BSC, which not only posted the highest annual profit in its 53-year history last year but also maintained strong earnings momentum into the current fiscal year.

Officials say the expansion reflects both renewed confidence in BSC's management and the government's strategic push to strengthen the country's maritime logistics capacity.

Record profits driving expansion

The fleet growth plan comes on the back of unprecedented earnings. In FY2023–24, BSC posted a record profit of Tk249.69 crore, the highest since its establishment in 1972.

This performance was driven largely by favourable freight rates in the global shipping market and improved operational efficiency.

The strong run has continued in FY2024–25. In the first nine months of the fiscal year, its profits rose by 30% year-on-year to Tk219.33 crore, while revenues climbed 24% to Tk429 crore.

BSC's resurgence is all the more notable given its troubled history. Established on 5 February 1972, the corporation began commercial operations just four months later with the MV Banglar Doot. Over the years, its fleet expanded to 44 vessels, with 25 operating simultaneously at its peak.

However, decades of mismanagement, operational inefficiency, and mounting financial losses gradually eroded its capacity. By 2018, after selling off ageing and unfit ships, the fleet had shrunk to just two vessels.

A revival effort began in 2018–19, when BSC acquired six modern vessels with Chinese government financing worth around Tk1,500 crore.

This brought the fleet to eight ships. But the comeback was short-lived. In March 2022, the MV Banglar Samriddhi was abandoned after a Russian missile strike at Ukraine's Olvia port during the war.

Then in October 2023, two ageing oil tankers — MT Banglar Sourav and MT Banglar Jyoti — were severely damaged in separate fires and scrapped for Tk55 crore.

These incidents cut the fleet to just five vessels, raising questions about BSC's ability to maintain operational stability.