China Shipping Development Company (CSDC) has splashed RMB700m ($110m) to buy four bulk carriers of 45,000 dwt each from Chinese shipyards, Seatrade Asia online reports. Tianjin Zhonghai Huarun, subsidiary of CSDC, entered into the shipbuilding agreement on Monday with CSOC and Bohai Heavy Industry.
The expected delivery dates for the four bulk carriers are between March to September 2013.
CSDC aims to increase the annual shipping capacity of Tianjin Zhonghai Huarun in the transportation of coal produced by Huarun Electricity Group.
The current annual shipping volume of Tianjin Zhonghai Huarun is approximately 14% of the coal expected to be transported by Huarun Electricity Group.
CSDC expects the shipping volume to increase to as much as 50% of the coal to be transported after taking delivery of the bulk carriers.
“The construction of the bulk vessels under the agreements will be funded by the group as to approximately 80% of the price by bank borrowings and approximately 20% of the price by internal financial resources,” CSDC said.
The expected delivery dates for the four bulk carriers are between March to September 2013.
CSDC aims to increase the annual shipping capacity of Tianjin Zhonghai Huarun in the transportation of coal produced by Huarun Electricity Group.
The current annual shipping volume of Tianjin Zhonghai Huarun is approximately 14% of the coal expected to be transported by Huarun Electricity Group.
CSDC expects the shipping volume to increase to as much as 50% of the coal to be transported after taking delivery of the bulk carriers.
“The construction of the bulk vessels under the agreements will be funded by the group as to approximately 80% of the price by bank borrowings and approximately 20% of the price by internal financial resources,” CSDC said.