China's Tianjin Xingang Shipbuilding Heavy Industry has won a newbuilding order for four firm 40,000-dwt handymax bulkers plus four options.
Strategic Bulk Carriers, the dry-bulk arm of Singapore and Connecticut-based tanker specialist MT Maritime Management (MTMM), has made its first foray into vessel owning with the handymax order.
Market sources say that Strategic placed the order earlier this year but it has gone unreported until now.
The vessels will be delivered in May, August, October and December 2013.
Strategic is only the second foreign shipping company this year to have signed up for newbuildings at state-owned Tianjin Xingang under the umbrella of CSIC. French owner Louis Dreyfus Armateurs (LDA) was first out with an order for two 180,000-dwt capesize bulkers and two 40,000-dwt handymax bulkers, all for delivery in 2013. The capesizes are costing $54m each and the handymaxes $28m apiece.