China Shipping Development Co Ltd and Sinopec Kantons Holdings Ltd plan to set up a joint venture China Eastern LNG Shipping Investment Co Ltd to supply LNG for Sinopec.
China Shipping Development will contribute US$3.5 million to hold a 70% stake in the JV that will have a registered capital of US$500 million.
No further details have been disclosed about the JV.
Sources reported that China Shipping Development has received approval from board of directors to spend a total of US$220 million to build four 180,000 deadweight-ton bulk cargo ships at Shanghai Jiangnan Changxing Heavy Industry.
Another two 180,000 deadweight-ton bulk cargo ships and two 81,200 deadweight-ton bulk cargo ships will also be built with investment totaling US$217.6 million, and the four ships will be delivered during October 2012 to February 2013.
China Shipping Development will contribute US$3.5 million to hold a 70% stake in the JV that will have a registered capital of US$500 million.
No further details have been disclosed about the JV.
Sources reported that China Shipping Development has received approval from board of directors to spend a total of US$220 million to build four 180,000 deadweight-ton bulk cargo ships at Shanghai Jiangnan Changxing Heavy Industry.
Another two 180,000 deadweight-ton bulk cargo ships and two 81,200 deadweight-ton bulk cargo ships will also be built with investment totaling US$217.6 million, and the four ships will be delivered during October 2012 to February 2013.