Celebrations in Hamburg.

Hamburg-based Vogemann, which also has a capsize bulk carrier and two product tankers on order, will pay $360 million for the 12 handysize vessels, the company told TradeWinds.

Delivery will start in early 2010 in quarterly intervals, and when completed will have doubled Vogemann's handysize fleet.

Udo Wiese, Managing Director of the H Vogemann Group, said, "In view of our very positive market outlook, especially in the handysize segment, we are constantly looking for opportunities for further fleet expansion. Along with our newbuilding program we [will] continue our activities in the second hand market."

Originally signed in July, the deal has only just been revealed following the completion of financial negotiations.

TradeWinds reported in July that Vogemann was rumored to have brought two panamax bulkers from Taiwanese owner Eastern Media International Corp for around $45m each.

Vogemann also brought three bulkers from Danish owner Clipper in May.

Earlier this year the company ordered a 176.000-dwt capesize bulk carrier from Japan's Namura Shipyard for delivery in November 2008. It expects to announce its arrival in the tanker sector when its two 38.500-dwt product tankers arrive from China's Guangzhou Shipyard International in late 2009.

Vogemann currently operates six capsize, seven panamax and six handysize vessels.

By Andy Pierce in London