China's Shanghai Jiangnan-Changxing Shipbuilding appears to have contracted for two 82,000-dwt kamsarmax bulkers, for delivery in June and September 2014, with Taiwan's Sincere Navigation.
The bulker and tanker owner is paying $27m each for the newbuildings, with a tail-heavy payment of 70%.
The Taiwan-listed owner is to take advantage of low newbuildings prices in expanding its fleet, an official from Sincere saying "There is a possibility that our company may place more newbuildings. It may be kamsarmax or capesize ships."