Greek owner George Economou has activated an initial deal reached last year to build four bulkers at China’s Nantong Xiangyu Shipbuilding & Offshore Engineering.

Brokers in Greece, China and the US reported earlier this month that Economou company TMS Dry will build the ultramaxes at the yard for delivery in 2024 for $32.5m each.

Managers at the Greek company did not respond to a request for comment but IHS Markit features the 63,500-dwt units — Hull No 113 to Hull No 116 — as ordered but not commenced.

Market sources suggest that an initial agreement to build the vessels was struck in August last year but enacted only recently.

If confirmed, the order would considerably expand Nantong Xiangyu’s customer base outside its home country.

Domestic shipowners account for all 11 newbuilding contracts that the yard has signed this year. The latest to be officially announced is a pair of ultramaxes ordered by Huaxia Financial Leasing, as TradeWinds reported.

The yard’s only known non-Chinese bulker client is Densay Shipping.

The Turkish-backed but United Arab Emirates-based company has already taken delivery of two ultramaxes from Nantong Xiangyu since November 2021.

A third and final ship in the same series, the 63,500-dwt Interceptor (built 2022), is due for delivery in April.

Some brokers and online shipping sites show London-based Seacrest Shipping as having placed ultramax newbuilding orders at the yard. Seacrest managers, however, denied this.

As far as Economou is concerned, the newbuilding move would be in line with the company’s bulker expansion that saw the Greek owner spend close to $190m on six ships in the secondhand market between June 2021 and January 2022.

The acquired vessels, all reported by TradeWinds, included one newcastlemax, the 206,300-dwt Baosteel Elevation (renamed Netadola, built 2006), as well as two capesizes, one kamsarmax and two panamaxes.

Economou, however, has also been linked to some purchases that he ultimately did not do.

In February, the Greek owner was thought to be the buyer of the 206,300-dwt Baosteel Evolution (built 2007) and the 203,200-dwt Baosteel Expedition (built 2002) for $19m and $19.5m, respectively.

Both, however, are now thought to have gone elsewhere.

The Baosteel Evolution was reported sold in March to unidentified Chinese interests for $21.8m. The Baosteel Expedition has emerged under its new name of Pictor Marine in the managed fleet of Singapore-based UC Shipping.