State-owned Bangladesh Shipping Corporation (BSC) has finalized its first resale ship acquisitions, marking a significant step in the company’s ongoing fleet modernization program. The carrier has purchased two ultramax bulk carriers worth a combined $76.7 million, a move that will substantially reduce the fleet’s average age.
According to shipbrokers, the vessels are 63,700-deadweight-ton (dwt) units built by Jingjiang Nanyang Shipbuilding in China. The yard has produced only three sister ships of this design, all scheduled for delivery within this year.
Although the deal was reportedly sealed earlier through a tender process, details have now surfaced confirming the delivery of one vessel, the Banglar Progoti (formerly XCL Gemini). The second vessel, still identified by its hull number, is registered to Peony Shipping, a Hong Kong-based single-purpose company. Shipping databases also list a connection to Jiangsu Steamship, suggesting shared ownership or management ties.
The acquisition comes as BSC strengthens its balance sheet following record earnings, providing the financial muscle to pursue further fleet expansion. Under a government-backed renewal initiative, the Dhaka-listed company plans to grow its fleet to 10 vessels by mid-2026, aligning with national efforts to enhance Bangladesh’s maritime trade capacity.
At its height, BSC operated more than 40 ships, but years of limited investment saw its active fleet shrink to just five dry bulkers and three tankers. The latest purchases mark a long-awaited turnaround for the state-run line and signal renewed ambition to reassert its presence in international shipping.
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