JP Morgan has backed its confidence in the dry bulk market with an order for up to 12 capesize and newcastlemax bulkers in China, hard on the heels of 11 secondhand acquisitions since November.

Industry sources say the US investment bank has signed letters of intent (LOIs) for the newbuildings with three yards for 2019 delivery. If all three LOIs are firmed up, the order could be worth $500m.