International Shipholding said it has invested $6.25m to acquire 25% equity in Oslo Bulk Shipping joint venture (JV), which has plans to build eight new mini bulkers.

The company said the 8,000dwt vessels will be built at Yangzijiang Shipyard with scheduled delivery commencing in Q3 2010.

The JV plans to deploy the vessels on medium to long-term contracts in the Caribbean, South America, South East Asia, the Mediterranean and Baltic regions.

The dry bulk carriers, designed to transport agricultural, construction, metal and energy-related commodities, will cost the venture nearly $110m, the company said.