Taiwanese shipping company Franbo Lines Corp has inked a contract to buy a 51,000 dwt bulk carrier from compatriot company Taiwan Navigation.

Scheduled to be delivered by the end of November 2017, the unnamed bulker will become the company's largest ship.

Franbo Lines will pay USD 8.55 million for the 15-year-old Supramax which is expected to increase the company's profit margins.

Although its name was not disclosed, the ship is likely to be the 51,000 dwt Tai Harvest. Built at Oshima shipyard in Japan in 2002, Tai Harvest was sold by Taiwan Navigation to an unknown party in late September, VesselsValue's data shows.

The newest purchase brings Franbo Lines' fleet to twelve vessels ranging from 7,000 dwt to 46,500 dwt.