CSD orders eight VLCCs

Hong Kong-listed China Shipping Development Co. (CSD) has placed two contracts to build eight oil tankers for HK$4.32 billion from two Chinese shipbuilders.

CSD, a unit of state-owned China Shipping (Group), signed a contract for four oil tankers for HK$3.17 billion from Dalian Shipbuilding Industry Ltd. These newbuildings are slated for delivery between June and December 2009. In the second contract, CSD will build four oil tankers for HK$1.15 billion at Guangzhou Shipyard International. The first of these vessels will enter operations in October 2007, while the last would be delivered in November 2009.