China's Samjin Shipbuilding Industries has signed a contract to build four 50,000 chemical tankers for an unnamed Singapore shipowner.

Following the deliveries of the IMO II class chemical tankers in the second half of 2016, the newbuildings will be chartered to Laurin Maritime for a seven-year period, according to Weihai-based Samjin.

The price of the four new chemical tankers was not disclosed.

Sweden's Laurin Maritime will be given an option to purchase the chemical tankers at the end of the charter period.

This year to date, Samjin has received shipbuilding orders for four dry bulk carriers and four MR tankers with a total value of $260m. The Chinese yard is aiming to bag shipbuilding orders worth a total of $1.5bn in 2014.

The yard is also moving towards the construction of higher value vessels such as LPG carriers.