Kumiai Navigation is set to expand its dry bulk fleet, with market sources pointing to a newcastlemax newbuilding order at home in Japan.

The Singapore-based owner, part of Japan’s Kumiai Senpaku group, has lined up a deal at Kawasaki Heavy Industries for two 210,000 dwt bulk carriers, according to shipbuilding players, with deliveries set for 2029.

Pricing has yet to be disclosed, but brokers estimate similar tonnage at around $75m. The ships are understood to be conventionally fuelled and fitted with scrubbers.

The order would mark a return to large bulk carrier construction for Kumiai Navigation after nearly an eight-year pause and the second shipbuilding contract announced by Kawasaki Heavy Industries this year.

Kumiai Navigation currently controls a fleet of 19 vessels and has been steadily building out its orderbook. If confirmed, the newcastlemax pair would rebalance the company’s portfolio, adding heavyweight dry bulk exposure alongside its gas carrier business as Kumiai positions itself for longer-term growth in the bulk trades.

The fleet today includes nine VLGCs, two small LPG carriers and eight bulkers. On the newbuilding side, Kumiai currently has VLGCs under construction at Kawasaki Heavy Industries and an ultramax bulker at Nantong COSCO KHI Ship Engineering (NACKS).