Cosco Shipping Specialized Carriers is renewing its fleet with a deal for wood-pulp carriers worth up to $301.5m.
The Chinese company said it has ordered five firm 62,000-dwt ships at CNY 232.6m ($33.5m) each, plus four options.
Delivery will be from 2020.
The company said it wants to "actively promote the restructuring of the fleet and continue to enhance the overall competitiveness."
