China Shipping, Shanghai Port group in JV for iron ore transport

China Shipping, Shanghai Port group in JV for iron ore transport China Shipping Development Co. said last week that it plans to set up a 51-49 percent shipping venture with Shanghai International Port Group, Reuters reported.
   According to the story, a Hong Kong unit of China Shipping would invest $10.2 million in the venture, capitalized at $20 million, while a Shanghai International Port subsidiary would contribute $9.8 million.
   The venture will focus on the transport of imported iron ore, according to a statement by the carriers, but gave no timetable for the venture’s establishment.