China Shipping ramps up bulker investment

Beijing: China Shipping Development Company has announced that it is to pay out 3.27bn Yuan ($423m) to subsidiaries of its parent group for the construction of 12 new bulk carrier vessels. This purchase comes on the heels of its recent order for six 76,000dwt tankers collectively worth £307m from Dalian Shipbuilding.

The bulk carriers, funded by a combination of bank borrowings and cash assets, will weigh 57,300dwt each and are scheduled for delivery between 2008-2011.

The vessels are likely to be used to transport coal along domestic routes.  [03/04/07]