Genco Shipping and Trading will buy five Handysize vessels from Metrostar group for $166m, increasing its fleet size to 40 drybulk vessels.
The 35,000dwt vessels will be capable of carrying about 3.1 million dwt.
Four of the five vessels will be acquired on long-term charter with Cargill while the other will be secured on a spot market-related time charter, according to Genco.
The vessels will be maintained by Metrostar Management and overseen by Genco.
The ships are expected to be delivered between July 2010 and September 2011.