China Shipping Development Company (CSDC) has added a dry bulk carrier to its fleet at a cost of RMB182.8m ($28.7m).
Shanghai Yinhua Shipping, a non-wholly owned subsidiary of CSDC, has booked the 47,500 dwt vessel at China Shipping Industrial (Jiangsu), wholly-owned by CSDC.
The construction of the vessel is expected to be completed by September 2013.
“In view of the reasonable cost of constructing the bulk vessel, the directors are of the view that the construction and ownership of the bulk vessel is low risk, efficient, and will increase the competitiveness of the group in the shipping market,” Hong Kong-listed CSDC said.