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China Shipping Development to expand fleet

Shanghai: Li Shao De (pictured), president of the China Shipping Group has announced that its wholly owned subsidiary, China Shipping Development, plans to expand its fleet throughs shipbuilding, purchase, leasing and joint operations, reports the Xinhua news agency. The company hopes to fund the expansion through money raised by vessel leasing and plans to set up a dedicated professional vessel leasing team.

China Shipping Development currently operates two ship chartering companies in Hong Kong, that primarily lease oil tanker and bulk cargo vessels.  [05/10/07]

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