Taipei-based Sincere Navigation is spending $63.8m to buy a 25,000 dwt dry bulk carrier at China Shipbuilding & Offshore International Co.

The Taiwanese shipowner said the newbuilding purchase is a move towards “the expansion of its business”.

Sincere Navigation added that the payment terms for the new bulker would be a 15% downpayment, followed by 35% payment over three tranches during the construction period, and a 50% remaining payment upon delivery.