Belgian shipping group Compagnie Maritime Belge‘s (CMB) dry bulk shipping arm Bocimar has converted an order for three Aframax oil tankers from Hanjin into four larger Capesize bulk vessels.

The company said it will pay $56m for a 180,000dwt ship to be delivered in October 2011 and $73m each for three 205,000dwt vessels to be delivered in January, April and July 2012.

Bocimar has also acquired five smaller Handysize vessels of 32,500dwt, currently being built at the Jiangsu shipyard in China.

The ships have been chartered to Bocimar, but will now be delivered through to December 2011 and decrease operating costs by some $2,700 per vessel per day, the company said.

CMB said it has agreed with the Export Import Bank of China to finance up to $500m to help fund the full ownership of a Handysize vessel from JB Ugland from its current 49% stake.