Kuala Lumpur: Malaysian Bulk Carriers (MBC) is buying a new 56,000 dwt dry bulk carrier for $26m as part of the group's fleet renewal plans to include newer and more economical vessels.

The newbuilding will be operated by Ambi Shipping, which is 70% owned by MBC and 30% owned by Japan's Mitsui & Co.

The vessel, to be built at Mitsui, will be delivered in the first half of 2015.

“The acquisition is expected to contribute positively to the future earnings of MBC Group,” MBC said.