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China Shipping Development to spend $460m on dry bulk fleet

Shanghai: China Shipping subsidiary - China Shipping Development (CSD) announced yesterday that it plans to boost its dry bulk fleet with the purchase of four new handymax ships. The company has approved the purchase and set aside a budget of $460m for the 300,000dwt vessels that will be used to carry iron ore. CSD currently boasts a fleet of 42 vessels.

The firm is expected to fund the vessels from its own resources or through a combination of bank loans. CSD declared a $296.4m net profit for the first half of the year and anticipates the upward trend in earnings to continue for the remainder of the year.  [19/09/07]

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