Shanghai: China Shipping subsidiary China Shipping Container Lines (CSCL) has announced that it intends to invest 14.9bn yuan ($2bn) to order larger container vessels for its fleet, reports the China Daily.
"Without large vessels, it's impossible for CSCL to sustain development," said CSCL executive director, Huang Xiaowen (pictured), adding that the investment would allow the company to operate a fleet of more than 180 ships with a combined carrying capacity of 630,000teu by 2011. "By then, the company is expected to occupy about 6% of the world's container market," he maintained.
The expansion is to be financed with a combination of loans and the company's resources that have been set aside for strategic development. CSCL already has four 8500teu and four 4200teu container vessels on order that will join its fleet by end 2008. It has also commissioned eight 13300teu vessels from Samsung Heavy Industries for delivery by 2011. [15/11/07]
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