China Shipping Development Co. Ltd. has entered into a series of ship chartering agreements worth $12.2 million with associates of its parent company China Shipping (Group) Co.
On May 26, China Shipping Development entered into a bareboat charter agreement with Shanghai Shipping Industrial Co. Ltd.
, a wholly owned subsidiary
of China Shipping (Group), which agreed to lease to the company three oil tankers
for one year, the company said.
It also entered into a charter agreement with China Shipping (Hong Kong) Marine Co. Ltd., also a wholly owned subsidiary of its China Shipping (Group), to charter six dry bulk cargo vessels to China Shipping Marine for one year.
The company also entered into a charter agreement with China Shipping Container Lines Co. Ltd.
, a subsidiary of the parent company and associate of the listed company, to lease a dry bulk cargo vessel to China Shipping Container Lines for one year.
The company intends to improve the efficiency of its oil transportation business
, which is currently one of the company's major business sectors, it said.