Shanghai-based Waigaoqiao Shipbuilding has inked shipbuilding contact with Tulshyan Group to build five 158,000dwt Suezmaxes.

The five vessels, each costing around $63m, are scheduled for delivery between the end of 2016 and 2017.

It is the first newbuilding order that Shanghai Waigaoqiao has secured.

Waigaoqiao Shipbuilding is controlled by China State Shipbuilding Corporation.