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Five vessel order from CS Development HongKong

Five vessel order from CS Development HongKong

Shanghai: China Shipping Development's subsidiary CS Development Hong Kong yesterday signed shipbuilding contracts worth US$351.2m with Dalian Shipbuilding Industry (pictured) and China Shipbuilding & Offshore International (CSOC) to build two VLCCs and three tankers.

The first contract will see CS Development Hong Kong build two 320,000dwt VLCCs worth US $191.36m, which are scheduled for delivery in June and Sep 2013. The second contract will see the construction of three 11,000dwt tankers in DSIC and CSOC worth US $159.84m. The vessels will be delivered in August, October and December 2012.

The company said that its directors are optimistic about demand for crude oil imports, international refined oil transportation and the domestic coal transportation market and its persistent growth in the coming year. The company said the construction of tankers will enable the group to take advantage of the business opportunities in the shipping market and optimise its route arrangements.  [23/12/10]