China Shipping Development Company has inked contracts for 14 dry-cargo newbuildings worth over $420m. ??Shanghai and Hong Kong-listed CSDC says it has ordered a dozen 46,200-dwt bulkers and a brace of 53,000-dwt ships via two subsidiaries. ??In a statement to the Shanghai exchange it says the first 12 bulkers, booked by Shenhua Zhonghai Shipping, will cost CNY 2.4bn ($353.31m). CSDC holds a 49% stake in Zhenhua Zhonghai. ??The remaining two vessels, ordered for Jiahe Shipping, in which CSDC owns a 51% stake, will come at a cost of CNY 480m. No yards were mentioned in the report.
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