OceanFreight has signed a $204m contract with Shanghai Waigaoqiao Shipbuilding for the construction of three very large ore carriers.

The 206,000dwt bulkers have been pre-chartered for three to seven years, according to lloydslist.com.

OceanFreight said the first vessel has been chartered for three years at a daily rate of $25,000.

The second ship will be in charter for five years at a daily rate of $23,000 while the final ship will be chartered for seven years at a daily rate of $21,500.

The Chinese shipyard is scheduled to complete the vessels in the second and fourth quarters of 2012 and the first quarter of 2013.