Grieg Star of Norway is proceeding with a newbuilding project, placing up to four 63,000 dwt bulkers at Sinopacific Shipbuilding Group's affiliated Yangzhou Dayang Shipbuilding.
Camilla Grieg, the Grieg Star chief executive, said the company inked a letter of intent (LOI) to construct two firm 63,000 dwt bulkers plus two options with Sinopacific.
The newbuildings are believed to be costing slightly below $26m apiece and the firm two bulkers are slated for delivery in 2015.
An official at Grieg said that the newbuilding bulkers will be constructed to Sinopacific’s advanced design which is expected to cut fuel consumption by 17% comparing with vessels built in 2012.