China Shipping Devt Orders Dry Bulk Carriers, VLOC

China Shipping Development Ltd said it will pay more than $800m for 10 dry bulk carriers and four very large ore carriers. It said the dry bulk carriers were ordered from subsidiaries of its parent, China Shipping (Group) Co. Six carriers of 57,300 dead weight tons and four of 57,000 DWT will be delivered by June 2012 at the latest, the company said. They will be used to transport coal and other bulk cargo. The purchase is subject to approval by independent shareholders of China Shipping Development at an extraordinary general meeting.

Meanwhile, the company said its wholly-owned China Shipping Development (HK) Marine Co Ltd will pay $467.2m for four very large ore carriers (VLOC), an order which it announced in October . The ore carriers were ordered from independent shipbuilders China Shipbuilding & Offshore International Co Ltd and Dalian Shipbuilding Industry Co Ltd. They are to be delivered between February and June 2012. Source: Trading Markets.com