Uni-Asia Holdings, an investment firm and integrated service provider of vessels, has entered into a contract with Japan's Imabari Shipbuilding to construct a 37,000-dwt handy bulk carrier.

The new vessel, priced at approximately $25m, is slated for delivery around the first quarter of 2015.

Regina Bulkship, 51% owned by Uni-Asia Shipping which is wholly-owned by Uni-Asia Holdings, will charter out the newbuilding under a five-year term charter to Pacific Basin, with an option to extend the charter period.

“The new vessel acquisition and entry into the time charter agreement is intended to benefit the company through a receipt of charter income upon the delivery of the new vessel,” Singapore-listed Uni-Asia Holdings said in a statement.

Uni-Asia Holdings currently has a fleet portfolio comprising mostly of handysize bulkers through wholly-owned, majority-owned, joint investments and shipping fund.