Restis Group has signed an agreement with Korean company Hyundai Heavy Industries to build three Kamsarmax bulk carriers.

The price of each vessel is believed to be $37.5m, according to

The trio is expected to be delivered by the shipbuilder’s Ulsan yard in 2012.

In 2005 the Greek group contracted a number of Capesize bulkers and Aframax product tankers from Sungdong Shipbuilding & Marine Engineering.