Jinhui Shipping and Transportation has booked three new ultramax bulk carriers at a Chinese yard, marking its latest step in a fleet renewal drive.

The Oslo-listed owner has committed $99.15m at Jiangmen Nanyang Ship Engineering for 64,500 dwt vessels due for delivery in the first quarter of 2028.

The move follows a string of disposals this year, mainly targeting older supramax units. Jinhui currently controls 29 ships across the capesize, panamax, ultramax and supramax segments, with 20 of them owned.

In a stock exchange filing, the company said the orders fit its long-term strategy to replace ageing ships with modern, fuel-efficient tonnage built to the latest environmental standards. “At present, no high-quality young secondhand vessels offering a balanced combination of suitable specifications, favorable delivery timelines, and reasonable pricing can be identified,” Jinhui noted, adding that the new designs would cut fuel use and boost efficiency compared to its current fleet.

The ultramax order comes a year after Jinhui contracted Jiangsu Hantong Ship Heavy Industry for two 63,500 dwt bulkers worth $68m. Those ships are due in December 2026 and November 2027.

Taken together, the five ships are seen as the company’s push to modernise its fleet with younger and larger vessels while keeping an eye on tightening emissions rules and efficiency demands.