Singapore-based Pioneer Bulk has splashed out about $204m on a series of ultramax bulk carrier newbuildings.

A subsidiary of China’s Pioneer Logistics, Pioneer Bulk has struck a deal with China’s Jiangsu New Hantong Ship Heavy Industry for six 63,500-dwt bulkers.

Although Hantong did not reveal the price and delivery dates, newbuilding brokers suggested to TradeWinds that the Chinese shipyards would be seeking around $34m for the ship type.