Shandong Shipping has ordered eight 50,000-dwt IMO II MR tankers and four 82,000-dwt kamsarmax bulkers at two separate shipyards in China.
Privately-owned New Times Shipbuilding will build the MR tankers while state-owned Cosco Shipping Heavy Industry will build the kamsarmaxes.
Shandong has ordered the newbuildings against medium-term charters from Shell and US grain trader Bunge.
TradeWinds first reported news of Shandong newbuilding planning early this year.
Shell has fixed the MRs for eight years in deal said to be worth $380m.
The 50,000-dwt tanker newbuildings are said to be costing around $37m each and are due for delivery in 2021.
Bunge is taking the kamsarmaxes for 10 years in a contract is said to be worth $220m plus profit sharing at floor rate.
Shandong is reportedly paying around $27m each for the bulkers, which are due to be handed over by late 2020.
Chinese leasing company ICBC Leasing has been roped in to finance the newbuildings.
