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China Shipping pens new oil tanker deal

Tuesday, 17 January 2012 | 11:00
China Shipping Development Company inked a deal to build a new 110,000 dwt oil tanker at its subsidiary shipyards.
CS Development Hong Kong, wholly-owned by China Shipping, will take delivery of the $53.28m vessel by 30 September 2013.
“In view of the reasonable cost of constructing the tanker, the directors are of the view that the construction and ownership of the tanker is low risk, efficient, and will increase the competitiveness of the group in the shipping market,” China Shipping said in a statement.
The deal will be funded by 80% bank borrowings and 20% internal financial resources.
Source: Seatrade-Asia
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