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China Shipping buys new oil tankers

China Shipping buys new oil tankers

Beijing: China Shipping Development has announced the purchase of two 46,000dwt oil tankers. The vessels worth $87m are to be delivered between the fourth quarter of 2007 and the first quarter of 2009.  The deliveries will reportedly boost the company fleet to 71 oil tankers, with a accumulated capacity of 3.5m dwt.

In a statement to the Hong Kong Stock Exchange, China Shipping said that the newbuilds would enable the company to cater to the increasing demand from the oil transportation market.  [22/01/07]

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