CHINA SHIPPING GETS LOWER CHARTER RATES FROM AFFILIATE

CHINA SHIPPING GETS LOWER CHARTER RATES FROM AFFILIATE    China Shipping Container Lines will get reductions in the charter rates of five containerships from China Shipping Development Co. Ltd., one of its affiliated companies within China Shipping Group.
   China Shipping Development has agreed to lower the charter payment of five container vessels, the “Xiangda,” “Xiangxiu,” “Xiangwang,” “Xiangzhu” and “Xiangxing,” operated by China Shipping Container Lines, effective July 1.
   Over the period July 1-Dec. 31, 2002, the change will cut the Chinese container carrier’s    aggregate charter payment from approximately $2.4 million to about $1.8 million.
   “The market for the international container business has much deteriorated since the Sept. 11 attack in America, and the charter prices for container vessels have been decreasing,” China Shipping Development said.