CHINA’s Fujian Highton Development has announced plans to invest $65m in purchasing secondhand dry bulkers to further expand its fleet.

The acquisitions will be funded through internal resources and are consistent with the Shanghai-listed company’s ongoing strategy of growing its fleet, according to a stock exchange filing.

As of July 7, Highton had spent approximately $230m over the past 12 months on nine vessels.

Notable acquisitions last year include three 12-year-old, 82,000 dwt kamsarmaxes for $57.3m, a 2008-built, 178,002 dwt capesize for $24.8m, and another 2007-built, 180,184 dwt capesize for $24.6m.

As of end-2024, the company had 65 vessels totalling 3.8m dwt under its control. Its core fleet consists of 46 self-owned two bareboat chartered dry bulkers. In addition, Highton also had 14 bulkers and three tankers time chartered for one year or above.

In March, the company acquired four bulkers ranging from 76,079 dwt to 81,795 dwt, all built between 2013 and 2014, for a combined $59.3m.

Industry factors such as post-conflict reconstruction in Ukraine, rapid development in Asia, Africa, and Latin America, and rising coal import demand are expected to boost trade volumes.

While global dry bulk capacity remains high, the fleet is ageing: the average vessel age is 12.5 years, with 25% of tonnage over 15 years old, Industrial Securities analyst Lin Han told Lloyd’s List.

Lin added that limited fleet supply and low-cost secondhand acquisitions allow operators to enter the market quickly without the higher costs and delivery risks associated with newbuildings.