Jinhui Shipping and Transportation has signed a contract to acquire a 60,000 dwt dry bulk carrier at a price of $29.1m.

The new vessel, to be built at Japan's Oshima Shipbuilding, will be delivered to Jinhui Shipping by March 2016.

“The directors believe that the acquisition enables the group to further complement our owned young and modern fleet of vessels through this ongoing management of asset portfolio,” said Jinhui Holdings, which owns 54.77% stake in Jinhui Shipping.

Jinhui Holdings said up to 70% of the newbuilding price will be funded by bank financing and the remaining will be funded by internal resources of the group.

The group currently owns two modern post-panamaxes, two modern panamaxes, 30 supramaxes, one handymax and one handysize.