China Shipping Development to spend US$428 mln on 8 bulk cargo carriers

The 8 bulk cargo ships are expected to be delivered between February 2011 and June 2012. By then, China Shipping Development Co. Ltd. will totally own 12 ships of such kind to cope with the soaring demand for foreign trade transportation.

The price will be paid in RMB in five installments upon the progress of shipbuilding. China Shipping Development Co will pay 20% of the total each time.

Currently, China Shipping Development Co has 114 bulk cargo ships with carrying capacity of 4.03 million tons. Including newly signed orders, 46 ships with carrying capacity of 6.10 million tons have not been delivered yet.