China’s Phoenix Shipping (Wuhan) has revealed plans to invest up to $60m to expand and modernise its dry bulk fleet.

The Shenzhen Stock Exchange-listed outfit said in a filing the investment will be funded through internal resources, including self-raised capital, and remains subject to shareholder approval.

Phoenix Shipping added that the move is aimed at boosting its shipping capacity, optimising its fleet structure, and strengthening its competitiveness and profitability in the dry bulk sector.

The Wuhan-based company, previously known as Chang Jiang Shipping Group Phoenix, provides dry bulk transport, port-shipping logistics, freight forwarding, ship leasing, and crew management services. It changed its name to Phoenix Shipping (Wuhan) in September 2023 as part of a corporate restructuring and rebranding effort and is currently listed with three bulkers built between 2000 and 2002, one of them Chang Yao Hai (pictured), which once also traded under the name Sea Banian.