CSC Phoenix bulks up

Wuhan: Changjiang Shipping Group Phoenix Co, a subsidiary of China Changjiang National Shipping (Group) Corp. (CSC), has announced that it will sign a contract with Bohai Shipbuilding Heavy Industry Co, part of CSIC, about ordering six 45,000 dwtbulk carriers.
The Shenzhen-listed company will pay CNY 1.692 billion for the ships or CNY 282 million for each ship. The firm's parent is widely reported to be entering a merger with logistics giant Sinotrans soon. [17/7/08]