Hong Kong-listed Sinotrans Shipping is reportedly preparing to order up to ten ultramax bulkers at two CSSC-affiliated shipyards.
The Chinese shipowner is ordering four plus two optional 64,000DWT newbuildings at state-owned Chengxi Shipyard and two plus two same-type ships at Guangzhou Huangpu Shipbuilding.
Delivery is to be scheduled in 2014 with newbuilding price estimated at around $25m per ship.
Sinotrans is said to have enough cash to proceed with fleet expansion with fuel-efficient newbuildings.
Meanwhile, local industry players said Sinotrans would be entitled to 17% tax rebates as it orders ships at state-owned CSSC.