Longxue launches giant bulker for Baosteel

Guangzhou: Chinese steel giant Baosteel has announced that its first very large ore carrier, Renda, has been launched from new yard CSSC Guangzhou Longxue Shipbuilding without a hitch. The 230,000 dwt belongs to Haibao Shipping, a jv between Baosteel Resources and China Shipping Development Co.
In November 2008, Baosteel and China Shipping Group signed an agreement to authorize their subsidiary companies Baosteel Resources and China Shipping Development to co-finance and set up Haibao Shipping, part of Baosteel's efforts to take control of its own supply chain and be less of a victim of the sky high charter rates seen in recent years for bulkers.
Haibo Shipping will eventually own four 230,000 dwt ships and two 300,000 dwt ships. Renda will be officially commissioned in May 2010.  [18/03/10]