The 13,000-dwt vessels are costing CNY 163m ($26.29m) each, for delivery by October and November 2016.

The Shanghai-listed unit of state giant Cosco said the order had been placed by its Cosco Southern Asphalt unit.

It added the final 65% of the contract price is due on delivery. Funds will come from its own reserves and external sources.

The move was made to meet market demand, it said.