Meghna Group of Industries is turning its attention to the shipbuilding market for the first time to expand its fleet.

The Bangladeshi bulker owner is said to have entered a newbuilding contract with Taizhou Sanfu Ship Engineering in China.

According to shipbuilding players, Meghna has commissioned Sanfu to construct one 64,000-dwt ultramax bulker for delivery in 2020. The deal includes one option.