India-based Jindal Steel placed a 4.8bn Bangladeshi Taka (US$61.3m) order for 10 new mini bulk carriers with Bangladesh's largest shipbuilder Western Marine Shipyard.

The Indian steelmaker is re-entering the shipping market after a period of six years in hibernation due to unfavourable market conditions.

In 2009, the company had been on the point of placing an order for four supramaxes, but scrapped the plan due to unfavourable market conditions.

The new order, placed with the 15-year-old Bangladeshi shipyard, which has shipbuilding facilities on the eastern bank of the River Karnaphuli in Chittagong, will see the 10 vessels built in two lots. The first six will be delivered by October 2016, and the remaining four by December 2017, depending on the successful and timely delivery of the first set of six.

The vessels are expected to be employed for in-house transportation of Jindal Steel's finished products.