Shanghai: Tangshan Steel and Iron Group (TISCO) has announced that is in negotiations with several shipping companies to set up a joint venture to build and operate a dry bulk fleet dedicated to the Chinese steel producer. The group, which produced 19.05m tonnes of steel last year, hopes to build three 300,000dwt dry bulk vessels that will transport iron ore from TISCO's Brazilian mining contracts to the Tangshan province.
"Building our own shipping fleet is an effective way for the company to control the transport costs of raw materials, because freight rates are expected to continue to rise," a TISCO spokesperson told the China Daily, adding, "We need a partner with rich experience in operating a shipping company to ensure success." [04/09/07]
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