The National Shipping Company of Saudi Arabia (NSCSA) has ordered five kamsarmax bulkers in Japan.
The company put pen to paper this week on a deal to build five newbuildings.
The 82,000-dwt ships are believed to have been ordered at Oshima Shipbuilding for delivery in 2013/14.
Brokers quotes a minimum price of $31.5m apiece.
The move represents a first foray into the dry cargo sector for NSCSA which is predominantly an owner of tankers.