Construction of two RSD-49 class sea-going bulk carriers with a deadweight of 7,000 tons each has begun at Astrakhan’s Lotos dockyard, Russia’s South, to order from Kaliningrad’s West Shipping, international transportation group UCL Holding, a shareholder of West Shipping, reports.

The cost of each bulk carrier has been set at a reported $16.35m.

The project is said to be part of a broader fleet modernization program that UCL Holding is realizing with support from the RF government. An investor consortium reportedly includes United Shipbuilding Co. (USC, 85%) and West Shipping (15%).

The ships are expected to be completed by June 2012.