Hudong-Zhonghua Shipbuilding of China has secured two panamax bulkers from Iolcos Hellenic of Greece.

The two 76,000-dwt bulkers are slated for delivery in October and December 2010.

No price has been revealed for the order but sources close to Iolcos say it is paying under the market average. London broker Clarksons pegged the price for a panamax at $34.5m at the end of July.

Iolcos has a further five 87,000-dwt post-panamaxes on order at Hudong-Zhonghua. One is set for delivery by the end of this month, two in 2011 and two in 2012. The company has already taken delivery of three similar ships this year. The Yannis Gorgias arrived in January, Iolcos Pride in April and Iolcos Legacy in May.