U-Ming Marine Transport has ordered up to ten capesize bulkers in China.

The Taiwanese shipowner has placed a firm order for four 186,300-dwt bulkers at CSSC-affiliated Shanghai Waigaoqiao Shipbuilding (SWS) at $49.8m each.

The newbuilding deal also includes options for up to six further capesize bulkers at the same price from the Chinese shipbuilder.

Deliveries of the first four ships are set to begin in 2014 with the optional ships following in 2015 if they are exercised.

U-Ming says, “The vessels will be equipped with fuel efficient and reduced carbon-emission main engines, together with modern hull design and sophisticated equipment to meet worldwide port requirements and market needs.”

The contract was signed Monday by U-Ming president CK Ong and SWS president Wang Qi in the presence of U-Ming chairman Douglas Tong Hsu.

U-Ming president CK Ong said: “The acceleration in demolition and the slowdown in newbuildings will ease the present over-supply situation in the bulk shipping market.”