CHINA SHIPPING ORDERS TWO LARGE TANKERS
China Shipping Development Co., Ltd., a subsidiary of state-owned China Shipping Group, has ordered two 110,000-deadweight Aframax product tankers from Dalian New Shipyard & Heavy Industries.
The two ships, due to be delivered in August and December 2004, will be the largest oil tankers owned or operated by China Shipping Development. They will be deployed in the product oil transportation market between the Middle East and Far East.
The company has entered into a loan agreement with the Bank of China Shanghai Branch to finance the vessel orders. China Shipping Development said that 85 percent of the total contract value of these two tankers is under long-term mortgage loans from the Bank of China Shanghai Branch.