China Cosco Holdings has entered into agreements to construct and buy a total of six dry bulk carriers at a cost of $175.62m as part of a fleet upgrading plan.

The Hong Kong-listed China Cosco announced that the agreement included a deal with CSSC Huangpu Wenchong Shipbuilding Company for the construction of four 64,000 dwt bulkers at $113.12m.

A separate contract was entered into with Jiangnan Shipyard to build two 78,000 dwt bulkers at $62.5m.

The newbuildings are scheduled to be delivered from 2015 to 2016.

“The company entered into the shipbuilding agreements in order to upgrade the fleets of bulk carriers of the group and improve the competitiveness of its fleet as a whole,” China Cosco said.

It added that it will finance the investment from internal resources and bank borrowings.