China Shipping Development Orders Four VLCCs
Hong Kong unit of China Shipping Development, the oil and dry bulk shipping arm of state conglomerate China Shipping Group, has booked four very large crude carriers (VLCCs) at a compatriot yard.
The worth a total of $375.92m was placed with Dalian Shipbuilding Industry Co (DSIC). The four new 308,000 dwt oil tankers, each costing around $94m, are scheduled to be delivered between May 2017 to September 2018.
The construction of the VLCCs will be funded by bank funding and internal financial resources. The delivery of the new vessels will enable the company to optimize its overall route arrangements and improve its operating efficiency and profitability, said the company.
China Shipping Development Company Limited, an investment holding company, operates as a shipping company in the People’s Republic of China and internationally. It operates through Oil Shipment and Dry Bulk Shipment segments.