US investment bank JP Morgan has firmed up orders for up to four capesize newbuildings in China.
Industry sources say the bank has contracted state-owned Shanghai Waigaoqiao Shipbuilding (SWS) to build two 180,000-dwt bulkers plus two options. They add that the investment bank is paying around $45m apiece for Tier-III compliant ships with delivery slated for 2019.
Officials at SWS decline to comment on the deal, citing contract confidentiality.JP
