Korea's STX Offshore & Shipbuilding has won its new year's first newbuilding order.
STX Dalian Shipbuilding, based in China, signed a contract Thursday evening with Frontline to build four 181,000DWT bulk carriers
Frontline CEO Jens Martin Jensen and STX Dalian Shipbuilding Offshore President Choi Sung-lak put pen to paper on the contract.
The newbuilding price is around KRW 200bn ($187m) in total, STX announced.
They are scheduled to be delivered from the second half of 2014 by the first half of 2015.
Also, the contract includes options for further four same-type vessels.
An official from STX O&S said, "Large bulker order signals the market is entering recovery phase. We will continue to win newbuilding orders proving our competitiveness."