Christen Sveaas-backed Western Bulk has signed long-term contracts with purchase options on a couple of Japanese-built ultramaxes, it announced alongside details of its $200m share offering.

While Western Bulk does not disclose details about the newbuildings or the contracts, it does say the charters will potentially run for 9.5 and 11 years.

Delivery of the new bulkers is set for 2016, with the first purchase options opening up in year four or five of the charters.