China's leading ship owner and operator COSCO Shipping Co., Ltd. will largely expand its fleet, according to the company's announcement late on Jan.7.

COSCO Shipping plans to raise not more than RMB2.50bn via a private placement of A-shares. The proceeds will be used to order newbuilds, pay off debts, and replenish working capital.

The newbuilding plan consists of two semi-submersible vessels, three 36,000dwt multi-purpose ships, and four 28,000dwt heavy lift vessels (plus two options), the company added.