George Economou's Cardiff Marine has jumped on the boxship-newbuilding bandwagon. Shipbuilding players say the Greek owner has booked four 8,500-teu vessels at state-controlled Hudong-Zhonghua Shipbuilding in China.

They add that Cardiff is paying slightly less than $100m per ship with delivery slated for 2013. Hudong-Zhonghua's new yard on Changxing island will construct the vessels.

Yard officials decline to comment on newbuilding deals but some market sources say Cardiff’s contract is on subjects as the owner is still looking for financers.

However, many think the deal will go ahead as China is setting up a $5bn shipping fund to facilitate newbuildings for Greek owners at domestic yards.

Last week, Economou became the first Greek owner to get full newbuilding financing from a Chinese bank. The $74.2m loan from China Development Bank represented close to 70% of the $107m contract price for a 296,400-dwt VLCC at Shanghai Jiangnan Changxing Shipbuilding for delivery in 2011.

Cardiff is believed to be the third Greek shipping company to have ordered containerships in China this year, the other two being Costamare and Thenamaris.

Costamare booked three 9,000-teu ships plus three options at Jiangnan Changxing for delivery from late 2012 and 2013, while Thenamaris has inked in two 2,500-teu vessels at Jiangsu Yangzijiang Shipyard for delivery in 2012.