Formosa Plastics Marine Corp (FPMC) is getting ready for the expansion of the Panama Canal.

The Taiwanese company has ordered three 105,000-dwt bulkers at STX Dalian for delivery in 2010.

Brokers estimate that the company has paid $62m each for the baby capesizes, as some pundits like to call them.

One Taiwanese broker says FPMC has ordered this size based on the expansion of the Panama Canal, which is scheduled for completion in 2014 and will be able to take bulkers of up to 170,000 dwt.