CSDC Orders Four Tankers from Guangzhou

Hong Kong-listed China Shipping Development Company Limited has entered into a deal with Guangzhou Shipyard for construction of four tankers, worth a total of  USD 199.9 million.

The four crude /product oil carriers boast 114,000 dead weight tons each and are expected to start delivery by 31 March 2017 and conclude the delivery by the end of December 2017.

The order has been placed through CSDC’s shipping arm CS Development Singapore, which is principally engaged in international oil and bulk cargo transportation and the management of the company’s assets in Singapore.

The construction of the tankers will be funded by the group as to approximately 70% of the price by bank borrowings and approximately 30% of the price by internal financial resources, CSDC said in a stock exchange filling.

World Maritime News Staff

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