JANUARY 28, 2013 — UM Bulk AS, Grimstad, Norway, has signed an agreement with Tsuneishi Shipbuilding Co., Ltd, Japan to buy two bulk carriers of the shipbuilder's 58,000 dwt TESS-58 type.

UM Bulk AS is a joint venture between the J.J. Ugland companies and Mitsubishi Corporation, Tokyo. The orders represent a broadening of a long-term cooperation between the two companies.

The vessels will be delivered in 2014 and 2015 from Tsuneishi Heavy Industries, Cebu, Philippines shipyard and  will be next generation bulk carriers with eco-design and more efficient engines with reduced consumption.

UM Bulk AS thinks the timing is good for investing in new, more environmental friendly bulk carriers for delivery in 2014/2015.