China Cosco Holdings plans to buy five 14,000-TEU ships to help replenish a fleet that has been aggressively trimmed so far this year with 24 ships heading for the scrap yard.

The state-owned shipping line will discuss the proposal with investors at a shareholders’ meeting it has scheduled for Aug. 28. Also to be discussed is a plan to purchase six bulk carriers of 81,600 deadweight tons each.

No prices were given but the container ships could cost as much as $130 million each. China Cosco Holdings also placed an order this week for another 10 bulk carriers from two mainland shipyards for a total of $262 million.

China Cosco has been taking advantage of Beijing’s new scrapping policy, which provides subsidies to carriers that demolish and build vessels in China. It scrapped 16 ships in the first quarter alone, raising $127 million, and then disposed of another eight ships in May and June for $20 million. The line is renewing its fleet and replacing older vessels with new and more fuel efficient ships in a bid to raise its profitability.

After two consecutive years of losses, the company last year was one loss away from being delisted from the Shanghai Stock Exchange. However, Cosco reported an annual net income of $38.3 million in 2013, compared with net losses of $3.2 billion in 2011 and 2012, escaping the embarrassing delisting prospect largely through a series of asset sales to its parent company.