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China Shipping buys tankers; sets up big bulker play

China Shipping buys tankers; sets up big bulker play

Shanghai: The China Shipping Group is flexing its muscle both on the bulk and tanker side.  Hong Kong-listed China Shipping Development said Saturday it has ordered six 76,000 dwt oil tankers for US$307.6m from a Chinese shipbuilder Dalian Shipbuilding Industry Co. Meanwhile, another subsidiary Zhuhai New Century Marine has been earmarked for dramatic expansion to ensure its fleet size hits 1m dwt by the end of the decade. Like Cosco, China Shipping has just signed a strategic co-operation deal with coal giant Shenhua Group. Zhuhai New Century, currently in control of four bulkers totalling 99,726 dwt, is 50% owned by China Shipping Group and 50% by China Shenhua Energy and will be the vehicle to drive the tie up.  [05/03/07]

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