CSSC sets aside $1.1bn for newbuilding deals

CSSC Shipping (Hong Kong) will place newbuilding orders worth RMB7bn ($1.1bn) at CSSC in 2014 as part of the cooperation, CSSC announced to the Shanghai Stock Exchange.

The new shipbuilding orders will include bulk carriers, container vessels, oil tankers, offshore platforms and offshore support vessels.

CSSC said the latest cooperation with its ship leasing arm will help support the company's developments in eco-friendly shipbuilding, offshore construction, and guide shipbuilding prices in China.

“Expanding our ship lease business is one of the ways to bring our company forward in terms of getting that competitive edge in attracting more customers and financing,” CSSC said in a statement.