"We intend to continue ordering new ships consistently over the next years with a minimum target of at least 20 ultramax vessels," Shaikh said.

He says that while prospects in the Gulf region are bright due to their growth rate, internationally he feels there are still some years of pain before the eventual gain in the bulk carrier sector.

That prompted Tomini Shipping to return to the dry cargo market, placing an order for nine new ultramax bulkers.

Headquartered in the United Arab Emirates, the Pakistani ship-owner ordered the 64,000-dwt eco-design vessels at China Shipbuilding Industry Corp.

"We feel the timing is right time because we believe new building prices have bottomed, so it's an ideal time to enter the market, and we chose this yard because we found it to be the best in quality and building standards."

He says Tomini have arranged conventional financing "for a conservative 50 percent of value" and revealed that delivery of the vessels is scheduled to begin in the third quarter of 2015, concluding in the second quarter of 2016.

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