China Shipping places orders for iron ore and bulk cargo vessels
China Shipping said Friday it would spend $470 million to buy four very large ore carriers from Chinese shipbuilders.
The vessels will have capacity of 300,000 deadweight tons and the purchase will be funded through bank loans and internal finances. The company also plans to order 10 57,300-ton bulk cargo ships for $386 million.
The bulk cargo ships are 'aimed at reinforcing the company’s domination of coal transportation along the coast,' according to a Reuters report, and will be delivered between 2011 and 2012, the carrier said.