Chinese dry bulk operator Ningbo Marine has announced that its Singapore subsidiary has chartered the 2011-built Capesize bulk carrier ZJE Ocean 1 from its controlling shareholder Zhejiang Energy under a long-term bare boat charter agreement.

The charter agreement is for a period of 60 months with floating rates between $3,844 and $11,044 per day. The total charter payment under the contract is around $20m.

Zhejiang Energy bought the 176,000 DWT vessel, formerly named Harriette N, from German owner Neu Seeschiffahrt in September for a price of $24m.

At the end of October, Ningbo Marine also announced a plan to acquire a bulk carrier with a capacity between 30,000 DWT and 40,000 DWT, and the company will allocate up to RMB130m ($18.4m) for the acquisition.