Cosco Shipping Specialized Carriers is looking to raise up to RMB3.5bn ($509m) to fund fleet expansion.

A unit of Cosco Shipping Group said it plans to use the proceeds for the leasing of 29 multipurpose pulp carriers between 62，000 dwt and 70，000 dwt.

The funds would also be directed towards a 65，000 dwt semi-submersible heavy lift unit at Guangzhou Shipyard International (GSI) worth $121.8m.

Last year， Cosco Shipping Specialized Carriers reached an agreement with three Chinese leasing companies worth around $1.1bn to charter 12 70，000 dwt multipurpose pulp carrier newbuilds for up to 15 years and booked its tenth 65，000 dwt semisub at GSI.