Shenzhen Stock Exchange-listed Phoenix Shipping (Wuhan) has announced plans to expand and modernise its dry bulk fleet.

With the aim to expand its shipping capacity, optimize its fleet structure, and enhance its market competitiveness and profitability, the company has announced a plan to purchase dry bulk vessels.

In a stock exchange filling (000520.SZ) on Oct. 14, the company said the transaction will be reviewed in the company’s general meeting.

The transaction price, payment method, time, and delivery date of the vessels will be subject to the contracts formally signed by both parties.

“This transaction is a prudent decision made based on the company’s operational and development needs. It will optimize the company’s fleet structure, enhance its market competitiveness and profitability, create greater value for shareholders, and align with the company’s future strategic plan,” reads the company’s statement.

As disclosed, the transaction still requires an approval, and there is a certain degree of uncertainty as to whether it can be successfully implemented.