The South Korean investment outfit has just inked two 64,000-dwt bulkers at China��s Jiangsu Hantong, taking its newbuild tally over to more than 30

South Korean investment company KUKJE MARITIME INVESTMENT Corp (KMARIN) continues to expand its fleet of newbuildings with further orders as it ponders launching an initial public offering (IPO).

The company has booked two 64,000-dwt bulkers at China��s Jiangsu Hantong Ship Heavy Industry against long-term employment.

The yard is a specialist in building supramaxes and the assumption is that the ships will be delivered in 2015.

Sources suggest the vessels are costing $26m each. TradeWinds understands that KMARIN has secured five-year time-charter employment for the newbuildings with Cargill and Singapore-based Olam International at $12,000 per day.

The deal was secured after KMARIN raised $58m in private equity for the project.

Cargill is understood to have chartered two sisterships from KMARIN that are due for delivery from Jiangsu in 2014 and has now done deals involving several newbuildings with the Korean investment company.

KMARIN has concluded more than 30 newbuilding deals in the last three years and describes itself as a KG (limited partnership) operator similar to German companies. Most of the deals have involved supramax and ultramax tonnage, but it has also raised equity for projects outside these segments.

In January, TradeWinds reported that KMARIN had ordered four 321,000-dwt tankers at Hyundai Samho Heavy Industry against long-term employment to compatriot Hyundai Glovis.

But a number of newbuildings have gone under the radar. It ordered four 37,000-dwt bulkers at Hyundai-Vinashin Shipyard in Vietnam for $21.5m each, with the first two scheduled for delivery next year. They have all been fixed by Cargill for five years each at $10,200 per day.

KMARIN has also ordered three kamsarmaxes at Hyundai-Vinashin and three post-panamax containerships at Hyundai Samho.

The company has set up a technical in-house management operation, Kosco. It is focusing on long-term employment of ships with quality charterers, and, with further expansion in mind, is considering an IPO.