China Shipping to Acquire Bulk Cargo Ships

24 November 2010 (Last Updated November 24th, 2010 18:30)

A Hong Kong subsidiary of China Shipping Development has signed an agreement to purchase four 180,000dwt bulk cargo ships for $212m. The agreement is between Shanghai Jiangnan Changxing Heavy Industry and China Shipbuilding Trading. The cargo ships are expected to be delivered i

A Hong Kong subsidiary of China Shipping Development has signed an agreement to purchase four 180,000dwt bulk cargo ships for $212m.

The agreement is between Shanghai Jiangnan Changxing Heavy Industry and China Shipbuilding Trading.

The cargo ships are expected to be delivered in November and December 2012.

Around 20% of the acquisition will be funded by the company while the remaining 80% will be loaned by banks, according to China Securities Journal.