A dramatic fall in newbuilding prices are tempting shipowners and iron ore exporters to order new very large ore carriers over 200,000 dwt.
During the past five years VLOC orders surged and the newbuilding tally is more than 150 units.
According to Clarkson, global orderbook of new capesize bulkers total 547 ships, and of them, ships over 200K come in at 164 vessels.
Early this month Restis Group's Enterprise Shipping & Trading of Greece is said to have booked a number of 205,000-dwt bulkers at China's Rongsheng Heavy Industries.
Newbuilding price is said to be around $53m-54m per ship, which is way below the peak prices in 2007 and 2008.
Australia's iron order producer Fortescue Metals Group is also reportedly making newbuilding inquiries for VLOCs at South Korean and Chinese shipyards, lured by attractive newbuilding prices.
Meanwhile, as the IMO forces Energy Efficiency Design Index applied to newbuildings from January 2013, newbuilding demand for large ships with more efficiency per ton are expected to grow going forward.