China Shipping Group Co., the nation's second-largest sea-freight company, plans to buy "quite a few" dry-bulk ships this year on rising demand in Asia for shipments of iron ore and coal. "The shipping market has bottomed out from its worst period," Li Shaode, the group's president, said today in Beijing, where he was attending a meeting of policy-makers. He declined to elaborate on how many vessels the company may buy.
The group has also agreed to haul coal with China Datang Corp. for at least 10 years, Li said, as China Shipping seeks long-term contracts and ventures with customers to guard against fluctuations in rates.
The group has also agreed to haul coal with China Datang Corp. for at least 10 years, Li said, as China Shipping seeks long-term contracts and ventures with customers to guard against fluctuations in rates.