Chinese owner Ningbo Marine has revealed expansion plans in the dry bulk segment，with eyes set on four ultramax newbuilds worth up to $165m.

The company said it would order two firm 64，000 dwt vessels and book two optional units，with first delivery expected in the second half of 2027.

The newbuilds will mainly provide shipping services to bulk commodity traders for domestic and foreign trade， the company said in a filing on the Shanghai Stock Exchange.

Ningbo Marine predominately owns bulkers， with 31 owned ships as of June， according to the company’s website. It moved into the tankers segment by ordering a 12，100 dwt newbuild in 2018.