Pacific Basin Shipping has hatched a large order for up to 12 bulkers at two Chinese shipyards.

Klaus Nyborg.

The splurge comes a matter of weeks after the company hinted it was in the hunt for newbuilding tonnage which it viewed as better value than second-hand vessels.

The Hong Kong-listed owner has splashed out almost $285m on 10 ships with the possibility of two more to come.

Jiangmen