Beijing: Chinese steel group Shougang has signed a proposal with Brazillian mining giant Compania Vale do Rio Doce (CVRD) for the construction of a fleet of 300,000dwt 'Chinamax' dry bulk carriers. The vessels are likely to be built at a proposed shipyard in China's Hebei province and will service dedicated routes between Brazil and China.
Construction of the 10 vessels is part of CVRD's long term plan to improve its connections with Asia and meet the increased competition from Australian mining companies. Other steps include the construction of blending and storage facilities at Coafeidian (China) - also the venue for Shougang's relocated Beijing facilities. [20/12/06]
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