Citic Financial Leasing (Citic FL) has ordered its first newbuildings, signing up for 10 ultramax bulk carriers with Dalian Shipbuilding Industry Co (DSIC).

China State Shipbuilding Corp — the state-owned group that controls DSIC — announced the deal but did not give further details.

Shipbuilding sources said DSIC’s subsidiary Shanhaiguan Shipbuilding Industry will construct the ships and is scheduled to deliver them between 2024 and 2025.