Shanghai-based China Shipping (Group) Co said it plans to announce an order for new ships in the near future and the group remains cautiously optimistic on the outlook for the shipping industry, reported Dow Jones Newswires.

China Shipping (Group) is the parent of China Shipping Container Lines, the world's eighth-largest shipping company by capacity, and China Shipping Development.

Speaking on the sidelines of a shipping summit, Group president Li Shaode said the company will announce an order for new ships, but declined to elaborate.

He added the group is cautiously optimistic on the container shipping market, but the outlook for dry bulk shipping remains uncertain as demand for iron ore is volatile.