China’s private-owned shipbuilder New Times Shipbuilding is said to have penned a newbuilding contract worth $100m in total with Greek owner Primebulk.

The Coronis-led operator placed a newbuilding order for four 64,000 dwt Ultramax bulkers for 2015-early 2016 delivery at New Times, according to TradeWinds.

The agreement is reportedly signed during summer this year for slightly below $26m apiece. The Greek owner ordered the newbuildings at relatively low prices before the prices go up, an industry watcher said.

Along with New Times, New Century Shipbuilding Group has New Century Shipbuilding Group and so on, having secured more than 40 units of newbuildings (options included) in this year so far.