Bangkok-based Precious Shipping has ordered ten 64,000 dwt dry bulk carriers worth a total of RMB1.7bn ($276.6m) from Chinese shipyard Sainty Marine.

Sainty Marine announced on Monday that work on the newbuildings will commence this year and deliveries are scheduled from 2016 in phases.

Nanjing-based Sainty Marine is currently building a pair of 64,000 dwt for Precious Shipping. The vessels, each costing $27.4m, will be delivered before June this year from the shipyard.