Bhatia International, the Singapore-based shipping arm of Indian coal trader Bhatia Group, is widely reported to be in the process of selling two panamax bulkers that are in the final stages of construction at COSCO Dalian Shipyard in China.

Industry sources say Bhatia is negotiating to sell the 79,500-dwt Sher-e Punjab and Veenus, with Star Bulk of Greece being suggested as the buyer.

They would come with long-term time charters to Japanese interests. Prices in the region of $48m per ship are being mentioned.

The vessels are part of a four-ship series ordered at COSCO Dalian at the end of 2007 by Bhatia Aires Maritime, a joint venture between Aries Maritime of Greece and Ishhar Overseas, Bhatia’s shipping operation that was set up in Dubai in early 2007.

The joint venture ended in early 2009, with Aries — now reincarnated as Newlead Holdings — and Ishhar both taking over two ships.