South Korea's Dongbu Insurance, a subsidiary of South Korean conglomerate Dongbu Group, is said to be behind an order of four handysize-bulker newbuildings at STX Offshore & Shipbuilding.
Dongbu has ordered the quartet on the back of at least a seven-year charter contract to STX Pan Ocean.
One source says it is the first time Dongbu has provided 100% of the finance for a newbuilding order.
“Dongbu has diversified into the shipping arena in the last one or two years through partial investments in vessels with other players. It is getting more involved these days and it is looking for good shipping companies to work with.”
The STX vessels are priced between $23m and $24m each. STX’s Dalian facility will construct the vessels for delivery in 2013.