Shanghai-listed Ningbo Marine is preparing to invest in five bulk carrier newbuildings as it expands a fleet renewal programme that could add almost 600,000 dwt of new capacity.

The Zhejiang Energy-backed shipowner has approved an investment of up to CNY980m ($136m) for four 65,000 dwt bulk carriers. Its wholly owned subsidiary, Ningbo Marine Singapore, has also received clearance to spend up to $36.5m on one 82,000 dwt vessel.

The four smaller ships are intended for domestic trading, while the 82,000 dwt kamsarmax is expected to operate in the international market.

Both investments have received board approval but remain in the preparatory phase. Ningbo Marine plans to select Chinese shipyards through public tenders before entering into binding shipbuilding contracts. The projects are expected to be financed through a combination of internal funds, bank borrowing and other funding sources.

The company has not disclosed expected delivery dates or propulsion specifications for the proposed vessels.

The five-ship plan follows an earlier investment in four 64,000 dwt ultramax bulkers. Ningbo Marine placed those vessels with Jiangsu Haitong Marine Engineering Equipment after first outlining the programme in 2024. Deliveries are scheduled between August and December 2027, while the investment ceiling for the four ships stands at CNY1.165bn.

According to Ningbo Marine’s half-year report, the ultramax quartet has entered the construction preparation stage. If the latest five vessels proceed, they would contribute another 342,000 dwt, bringing the company’s prospective dry bulk newbuilding pipeline to nine ships totalling 598,000 dwt. That capacity would be equivalent to almost 40% of its existing fleet.

At the end of June, Ningbo Marine controlled 29 vessels with combined capacity of about 1.5m dwt. The fleet comprised 28 bulk carriers totalling 1.49m dwt and one 12,000 dwt product tanker. Its dry bulk fleet is concentrated mainly in the handymax and panamax segments and also includes one capesize.

The owner has simultaneously been disposing of older vessels, including two bulk carriers sold in March last year. Its fleet had an average age of 14.5 years at the end of 2024.

The expansion comes as Ningbo Marine develops its shipping activities beyond its traditional domestic coal business. First-half cargo volumes increased 55.5% year on year to 39.2m tonnes, while waterborne transport revenue rose 82.4% to CNY1.69bn. Increased use of chartered vessels contributed to a 169% rise in ship leasing costs to CNY1.18bn.

Ningbo Marine primarily transports coal and other dry bulk cargoes along China’s coast and the Yangtze River. It also handles imports of coal and ore from Australia, Indonesia and other parts of Southeast Asia as part of state-owned Zhejiang Energy Group’s supply chain.