Financial terms of the contract were not disclosed.
The newbuildings will be designed to have a top speed of 14.4 knots and will consume 24.9 metric tonnes of bunker fuel a day.
The bulk carriers will transport nickel to a refining plant bought from BHP Billiton by Palmer.
Palmer made the news in May when he announced a plan to build a replica of the Titanic, Titanic II, at the same Chinese yard.
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