JP Morgan is spending about $60m to expand its handysize bulker fleet, in a deal mirroring another acquisition by the company in March.

The US bank has agreed to buy three sister ships from Singapore owner Swire Bulk: the 39,800-dwt Foochow, Funing and Fengning (all built 2015).

Brokers in the US and London believe that JP Morgan has spent between $19m and $19.5m