China Shipping Development Co. Ltd. said it would pay 3.27 billion yuan (US$423 million) for the construction of 12 bulk carriers for the transportation of bulk cargo.
The shipping group said in a statement each bulk carrier would have 57,300 dead weight tons. The vessels will be delivered between 2008 and 2011.
The company, which will pay the money to subsidiaries of its parent firm, will fund the deal by bank borrowings and cash.
The shipping group said in a statement each bulk carrier would have 57,300 dead weight tons. The vessels will be delivered between 2008 and 2011.
The company, which will pay the money to subsidiaries of its parent firm, will fund the deal by bank borrowings and cash.