Japan's Nisshin Shipping has followed up last year's $600m-plus order spree with deals for more new bulkers in China, it is claimed.
A total of 10 63,500-dwt ultramaxes were contracted in December and January at Nangtong Xiangyu, brokers said.
Half will be delivered in 2020 and half in 2021.
No prices were given, although similar ships in China have been ordered recently for about $34.5m
