Minsheng Financial Leasing said it is looking to increase its existing order book of eight 76,000dwt Panamax bulkers by 20 or 30 new vessels.

The vessels are expected to be built at Chinese yards for around $1bn, according to asiasis.com.

The vessels are scheduled for delivery during the second half of 2011 and will be leased to Chinese company Fujian Guohang Ocean Group.