Jinhui Shipping and Transportation is adding further depth to its ultramax newbuilding programme, booking two more bulk carriers in China as part of an ongoing fleet renewal drive.

The Oslo-listed, Hong Kong-based owner said two wholly owned subsidiaries have signed shipbuilding contracts with Sumec Marine and its yard, New Dayang Shipbuilding, for two 64,100 dwt vessels.Each ship is priced at $34m, taking the total contract value to $68m. The vessels are scheduled for delivery by May 15 and July 31, 2029 respectively.

Jinhui said the move reflects its strategy of gradually phasing out older tonnage and replacing it with newer, larger and more efficient ships. The company noted that suitable young secondhand vessels are currently hard to secure at acceptable prices and delivery windows, prompting it to opt for newbuildings instead.

The 64,100 dwt ships will comply with the latest environmental rules and are designed to offer improved fuel efficiency and operational performance compared to parts of Jinhui’s existing fleet, the company said.

Jinhui currently operates 21 vessels, including 18 owned ships and three chartered-in units, with a combined carrying capacity of around 1.7m dwt. Two of the owned vessels are financed under sale and leaseback arrangements.

The latest orders build on a series of ultramax contracts already placed in China. Jinhui has four 64,500 dwt ships on order at Jiangmen Nanyang, following two earlier 63,500 dwt bookings at Jiangsu Hantong Ship Heavy Industry worth $68m, due for delivery in late 2026 and late 2027.

Taken together, the eight ultramax newbuildings underline one of the company’s most active fleet reshaping phases in recent years. Alongside the expansion, Jinhui has been trimming older tonnage, selling around 10 supramaxes last year as it pushes to lower the fleet’s average age and lift efficiency.