China Shipping to Buy Two Tankers

Thursday, February 22, 2007
Bulk shipping operator China Shipping Development is spending $87m on another two oil tankers to boost capacity.

The new tankers, each with a capacity of 46,000 deadweight tons, are due for delivery between the fourth quarter of 2007 and the first quarter of 2009. Upon delivery, the shipping operator will control a fleet of 71 oil tankers with a combined carrying capacity of 3.5 million deadweight tonnes. The purchase of the two new vessels will be financed by bank borrowings, increasing the company's gearing ratio. China Shipping said it is optimistic about demand in the oil transportation market and expects growth in the coming years. In a recent research report, Goldman Sachs said the shipping firm could potentially enter into an attractive new business such as transporting liquefied natural gas. Earlier this month, the company placed orders for four Very Large Iron Ore Carriers. Source: The Standard

Maritime Reporter September 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

USCG Search for Missing Crew of El Faro

Coast Guard search and rescue crews continue searching for possible survivors from the cargo ship El Faro Monday night, covering a total search area of more than 160,574 square nautical miles.

Northern Fleet to Conduct Anti-terrorist Exercises

The sailors of the Northern Fleet will conduct anti-terrorism exercises at Novaya Zemlya. During the exercise, the coast will be a landing. The landing will

ADF’s New Amphibious Capability Demonstrated

Australia’s newest military capability, the Amphibious Ready Element, has demonstrated its capacity in waters off the North Queensland coast during the Sea Series of exercises.

Tanker Trends

Teekay LNG Partners Declare Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended September 30, 2015. The

TMS Cardiff Gas Orders First LPG Carriers

TMS Cardiff Gas Ltd. has signed a contract with Hyundai Heavy Industries of Korea for the construction of two 78,700 cbm LPG carriers with the option to build another two.

Odfjell's Tanker Overhaul Seeks to Slash Emissions by 20%

Norwegian tanker shipper Odfjell announced it is upgrading the propulsion systems aboard 19 of its chemical tanker vessels in a move that aims to reduce its fuel

Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Salvage Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1520 sec (7 req/sec)