CDB to Acquire Ships from Grand China

6 September 2010 (Last Updated September 6th, 2010 18:30)

CDB Leasing has signed a $2.3bn contract to buy 20 large bulk ships from Jinhai Heavy Industry, a shipbuilder controlled by Grand China Logistics. Under the agreement, CDB will lease the ships to a logistics company, according to shanghaidaily.com. Grand China Logistics' parent, H

CDB Leasing has signed a $2.3bn contract to buy 20 large bulk ships from Jinhai Heavy Industry, a shipbuilder controlled by Grand China Logistics.

Under the agreement, CDB will lease the ships to a logistics company, according to shanghaidaily.com.

Grand China Logistics' parent, HNA Group, has established its own ship-leasing company in Shanghai with CNY1.7bn ($250m) and is preparing to set up a shipping industry fund by the end of the year.