CSD to build tanker sextet

Shanghai-based China Shipping Development Co. Ltd. (CSD) plans to build six oil tankers worth $307.56 million for delivery in 2009 and 2010 to help expand its ocean shipping business.

CSD has signed an agreement with Dalian Shipbuilding Industry to build the six 76,000 dwt tankers. The deal needs the approval of shareholders and CSD would pay in five instalments with 20% of the cost coming from its own capital and 80% from bank loans.

The company said that some of its existing tankers will be used for domestic transport in coming years, and it needs to expand its fleet to retain its share on the international oil transport market.