Cyprus’s FrontMarine is in for eight 63,000 dwt bulkers at New Times Shipbuilding with brokers Allied reporting a cheap price of $26m per unit. The tier III ultramaxes are due for 2020 delivery with options included.
FrontMarine knows the Chinese yard well, having ordered a quartet of supramaxes there in 2013.
FrontMarine was created by the founders of another Cypriot shipping company, Lemissoler. Its aim is to get investors to come on in single purpose vehicles and on its website FrontMarine says it ultimately wants to list.