China Cosco Holdings Co. won shareholder approval for the sale of new yuan-denominated shares, clearing a hurdle in its 34.6 billion yuan ($4.6 billion) plan to buy the world's largest fleet of dry-bulk ships. The company will sell shares to its parent and to institutional investors, spokesman Liu Peng said by phone today.

The placement awaits approval from the China Securities Regulatory Commission, he said. China Cosco, Asia's biggest container-shipping line, wants to buy 412 dry-bulk vessels from its parent as China's surging imports of coal and iron ore have helped caused shipping rates to more than double in the past year. The shipping line also raised 15.1 billion yuan in a Shanghai share sale in June to buy ships and a stake in a logistic company. China Cosco, based in Tianjin in eastern China, will sell 864.3 million Shanghai-listed shares to its parent, China Ocean Shipping (Group) Co., for 16 billion yuan, it said on Sept. 4. The company also plans to sell 432.7 million new shares to as many as 10 institutional investors, it said. The company's Hong Kong-listed shares rose 2.5 percent to HK$39.45 today. In Shanghai trading, the shipping line rose by the 10 percent daily limit to 62.80 yuan. The dry-bulk ships have a combined capacity of 32.02 million deadweight tons, according to the Sept. 4 statement. The vessels are either owned by units being bought by China Cosco or are on long-term charters. The units also have another 46 vessels on order, according to the statement.