China’s Ningbo Marine has announced on Thursday a plan to purchase three new 50,000 dwt dry bulk carriers from an unnamed domestic shipyard.

Shanghai-listed Ningbo Marine said the acquisition of the three newbuildings is expected to cost a total of RMB510m ($83.2m), or RMB170m per ship. The bulkers will mainly be used to transport coal in domestic waters.

Ningbo Marine said the newbuilding plan would help to renew its fleet and raise its competitiveness in China’s shipping market.