MX Bulk Management is moving into the kamsarmax segment with an order for three vessels at Tsuneishi Group (Zhoushan) Shipbuilding in China.
The Isle of Man-based shipowner, formerly known as LT Ugland Shipping, has until now focused its fleet on supramax and ultramax bulkers.
Company chief executive Sean Dawson confirmed the order, saying the ships will be delivered in June and July of 2021. Brokers estimated they are costing some $33m each.
The relatively early delivery date could indicate the order was placed some time ago but is only now surfacing.
Tsuneishi connection
It is hardly surprising that MX Bulk is choosing the Chinese arm of Japan's Tsuneishi Group, as all of its five other owned bulkers were built there.
This week brokers also reported that the company has sold its only owned supramax, the 57,000-dwt Mika Manx (built 2013), for close to $11m.
Dawson, however, said the ship has not been sold.
In 2017 and 2018, the company sold four supramaxes to Pacific Basin Shipping.
In addition to owning bulkers, the company is third-party manager for several supramaxes and is in the process of setting up a pool to operate ships in this size range.
The company rebranded from LT Ugland Shipping in 2008. It had earlier been linked to Norwegian shipowner Lars T Ugland, but he declined to explain the background for the change of name.
Dawson has not commented on the new name either, but some have said that Japanese investors are behind the company now.
MX Bulk operates in the same market as JJ Ugland of Norway. The two companies are separate, but Lars T Ugland is the uncle of the current owner of JJ Ugland, Knut Nikolai Ugland.
