One of China’s most active players in the sale-and-purchase (S&P) market is understood to have taken a $100m leap into newbuildings.
Shanxi Coal Group is said to have booked four 47,500-dwt bulkers at domestic shipyard China Shipping Industry (Jiangsu) Co Ltd (CIC).
The vessels, which are set to be delivered in 2012 and 2013, are to be deployed for coastal trading.
They are said to be shallow-draught ships suited to transport coal along coastal routes and inland waters.
The move into newbuildings marks a shift in strategy for Shanxi Coal, which spent almost $180m on six vessels between October 2009 and May 2010 as it reacted to a dip in prices to launch a fleet.
The quartet will enter the fleet of the company’s shipping arm, Taihang Shipping.
The four vessels at CIC are thought to be costing just less than $25m each.