Bulker operator Norvic Shipping is to take an ultramax on long-term charter when it is delivered from a Japanese shipyard next quarter.

The 64,000-dwt bulker will be renamed Norvic Copenhagen and will be chartered in from Japanese shipowner Fujimaru Kaiun, following its delivery from the Imabari Shipyard. The specific length and commercial terms of the contract were not disclosed.

“Norvic has decided to take newbuildings into our fleet of 125 vessels in response to our growing business and to meet our commitment to new environmental regulations such as the IMO’s Carbon Intensity Indicator (CII),” AJ Rahman, Norvic’s founder and CEO, said in a statement on Thursday.

Norvic said it plans to charter more newbuildings from Japan on five- to eight-year terms.

Two Japan-built handymaxes are expected to deliver to Norvic on long-term charters by the end of this year, according to the company.

Norvic is also working on “deepening our existing capabilities by building our own fleet, providing new services and further extending the company’s global reach,” Rahman said.

In an interview with TradeWinds late last year, Rahman said his company aims to become more involved in dry cargo logistics and is on the lookout for prospective projects and partners.

Norvic Shipping has just secured a $42.5m five-year working capital credit facility from US banks to finance growth.

Norvic hopes to upsize its fleet in the years ahead to 300 vessels on average.

Around 60% of the current operated fleet are supramaxes and ultramaxes, 30% are handysizes and the rest panamaxes.

Rahman told TradeWinds that Norvic is doing more and more on the panamax side and has four staff on its desk, plus support from the cargo desk who are booking panamax-sized cargoes. At the moment, it has about 15 panamaxes on its books.

Norvic usually handles 40m to 45m tonnes of cargo per annum.