US investment manager Mangrove Partners has contracted a shipyard in China to build four newcastlemaxes.
Shipbuilding sources said Mangrove sealed a deal at the end of last year with Singapore-listed Yangzijiang Shipbuilding for two 208,000-dwt bulkers for 2020 delivery. However, the order was never reported.
That deal included two options that have now been exercised, according to one shipbuilding player.
