The order, which is valued at $111.4m, was placed through Japanese trading house Sumitomo.

U-Ming will take delivery of the 62,000-dwt quartet between 2016 and 2017.

This latest round of orders brings U-Ming’s newbuilding tally to 19 ships, the bulk of which are capesize vessels.

Earlier this year U-Ming president CK Ong told TradeWinds that his company preferred to order new ships despite the availability of cheap ships in the second-hand market.

“Secondhand