Star Bulk Carriers has taken 10-year charters with options to buy on two Newcastlemax bulkers order by CSSC Shipping Co.

The vessels being built at Shanghai Waigaoqiao Shipbuilding (SWS) are due to be delivered November 2015 and February 2016 for bareboat charter to Star Bulk.

The monthly hire rate for each vessel varies from $371,000 to $410,800 plus Libor.

Under the deal Star Bulk will pay the CSSC $11.8 and $11.3m for each vessel, equivalent to 20% of the purchase price in two installments. The Nasdaq-listed bulker owner has the option to purchase the vessels at any time.

The vessel from a series of five ordered by CSSC at compatriot yard SWS.