Polaris Shipping of Korea has ordered a 207,000-dwt Newcastlemax bulker with one more option at STX Offshore & Shipbuilding's Dalian facility in China.
Newbuilding prices is said to be near $50m per ship for delivery in September 2014.
The vessel is to be deployed into a long-term contract of affreightment with Korea Electric Power.
This is the first time for the shipowner to place a newbuilding order.