China’s privately-run shipbuilder Jinhai Heavy Industry turned out to have scored up to 30 Newcastlemax bulkers, which includes firm 10 units, from Singapore-listed AMK Securities.

TradeWinds said that recently established AMK, firstly advancing into the market, ordered 10 firm 206,000 dwt bulkers with 10+10 options from Jinhai, which is valued at around $1.8bn in total.

According to industry players, AMK is a newcomer backed by an institutional investor in the US and a commodity trader in Swiss. A charter contract is already signed for the lately ordered newbuildings.

The 10 firm units are slated for delivery from the third quarter of 2016 with newbuilding price estimated to come at around $59m apiece.

Jinhaihas reserved slots for 10+10 options till early 2019. The vessels are to be classed by ABS with registered as Singaporean flagged ships. Also, they are said to be managed by Thome Ship Management upon delivery.

The latest newbuilding contract was allegedly brokered by Lorentzen&Stemoco(L&S) of Norway and the yard is seen to be provided with financial support from banks.

Meanwhile, Jinhai signed a newbuilding agreement with CMA CGM of France for three 2,500 teu ice-class containerships in May, of which contract value was coming at around $100m in total.