Chinese shipbuilder Zhejiang Yangfan Group is said to have scored a newbuilding contract for up to five Ultramax bulkers from a Turkish shipowner.

Yangfan inked a memorandum of agreement (MOA) to construct four 64,000 dwt bulkers with Istanbul-based Horizon Denizcilik while contracting a letter of intent (LOI) for the fifth unit of the newbuilds, according to TradeWinds.

Horizon decided to conduct a newbuilding investment worth around $135m in total in order to renew its fleet and the firm four units are slated for delivery between 2015 and the first quarter of 2016.

Newbuilding price has not been disclosed but industry watchers claimed that it would be slightly lower than $27m apiece which was valued for eco-friendly and similar-sized bulker awarded by Kiran Holdings of Turkey in October last year.