Thoresen Shipping Singapore has signed a memorandum of agreement to buy three secondhand dry bulk carriers at a total price of $70m.

Thoresen Shipping Singapore, wholly-owned by Thoresen Thai Agencies Public Company (TTA) , will acquire the three supramaxes, namely the 2005-built Top Freedom, the 2005-built Top Harmony and the 2006-built Top Island.

All three vessels were built by Oshima Shipbuilding in Japan. The ships will be delivered to Thoresen Shipping between 30 March to 30 June this year.

After the acquisition of these three vessels, Thoresen-owned fleet will have a total of 23 vessels with an average size of 50,402 dwt and an average age of 10.58 years.

“The acquisition is part of TTA's ongoing fleet renewal plan to develop a fleet of modern and standard dry bulk vessels and increase our operating efficiencies. TTA's short term fleet objective is to have a balanced mix of handymax and supramax vessels,” TTA said in an announcement on Thursday.

The shipowner said the purchase will be funded by the company's working capital and a commercial bank loan.