Shanghai and Hong Kong-listed China Shipping Development Co (CSDC) said that the plans for ordering three 6,600dwt bulkers at an undisclosed compatriot shipyard have been approved by the company's board.

The order is to be placed through the company's 51% owned subsidiary, Jinghai Shipping, the company said in a filing to Shanghai Stock Exchange.

CSDC added that it plans to expand its fleet with a total of up to eight bulkers in 2015. The shipping company has already ordered four Very Large Crude Carriers (VLCCs) worth US$375.9m this February at Dalian Shipbuilding Industry Co (DISC). The four 308,000dwt carriers are expected to start delivery in May 2017.

CSDC posted a profit of CNY309m (US$49.6m) for 2014, recovering from a loss of CNY2.23bn recorded in 2013.

The company's revenue amounted to CNY12.27bn, an 8.2% increase when compared to the figures from the same period in the preceding year.

The shipping company attributed the positive results to "the increase in freight rates in the international oil transportation market, and efforts made by the group to further strengthen its control over costs."