China's Guangzhou Wenchong Shipyard has secured an order for construction of three containerships from German shipowner Reederei Nord.

Market players see that the owner is likely to have ordered for newbuildings in speculation without a charter deal in order to take advantage of current low newbuilding costs.

The three 2,500 teu newbuildings are believed to be Guangzhou Wenchong’s newly developed vessel type and estimated to cost around slightly above $28m apiece, due for delivery between late 2015 and early 2016.

Meanwhile, the owner now has one aframax tanker and two bulkers plus eight containerships on its orderbook, each placed at Japan’s Sumitomo Heavy Industries and Zhejiang Ouhua Shipbuilding of China.