Scorpio Bulkers has signed deals with four shipbuilders to buy 22 dry bulk vessels at a cost of around $1.17bn.

The deals include 20 capesize dry bulk vessels and two kamsarmax dry bulk vessels.

Of the new fleet, seven vessels will be delivered by Shanghai Waigaoqiao Shipbuilding, eleven by Sungdong Shipbuilding & Marine Engineering, two by Daewoo Mangalia Heavy Industries and two by Hudong-Zhonghua.

The two vessels by Hudong-Zhonghua will have a dead weight of 82,000dwt and all others will be 180,000dwt.

Daewoo Mangalia Heavy Industries and Hudong-Zhonghua will deliver their first vessels in the first quarter of 2016 and their second vessels in the second quarter of 2016.

Shanghai Waigaoqiao Shipbuilding will deliver its seven vessels during the first quarter of 2015 and the third quarter of 2016.

Sungdong Shipbuilding & Marine Engineering will deliver its eleven vessels between the second quarters of 2015 and 2016.

The purchase of 22 dry bulk vessels is part of Scorpio Bulker’s strategy to own 28 ultramax, 23 kamsarmax and 23 capesize new-build dry bulk vessels, and to begin delivery from the second quarter of 2014.

Scorpio Bulkers Inc. is a provider of marine transportation for dry bulk commodities.

The company is incorporated in the Republic of The Marshall Islands and has principal offices in Monaco and New York.