China’s Huarong Financial Leasing has signed up for two newcastlemax bulk carriers at Taizhou Kouan Shipbuilding, marking its first newbuilding move in the segment and a rare order for the yard.

The leasing company said the 210,000 dwt newbuildings will cost $71m apiece, with delivery likely scheduled for 2029.

No information has been released about the potential bareboat charterer behind the newbuildings, but brokers suggest the ships are likely intended for long-term charter to a Chinese or regional commodity trader.

The move marks Huarong Leasing’s first bulk carrier order in over a decade. The company is listed with a fleet of about 40 ships, including 11 newcastlemax and capesize units under its leasing portfolio.

Earlier this year, Huarong contracted three diesel-electric chemical tankers at Wuhu Shipyard, marking its return to shipbuilding. Its last newbuilding before that was a 2015 project with Seapeak (then Teekay LNG) for a single VLEC at DSIC Offshore.

For Taizhou Kouan, the contract signals a step up in scale. The privately owned yard, located in Jiangsu Province, has recently focused on mid-sized vessels, including 3,300 teu containerships, general cargo carriers and stainless-steel chemical tankers.