China Shipping orders bulkers

China Shipping Development Co Ltd is paying more than $800 million for 10 dry bulk carriers and four very large ore carriers (VLOC). The 57,000 DWT dry bulk carriers were ordered from subsidiaries of its parent, China Shipping (Group) Co, for $390 million. Delivery is scheduled by June 2012 and the purchase is subject to approval by independent shareholders of China Shipping Development at an extraordinary general meeting.

In addition, the company?s wholly-owned China Shipping Development (HK) Marine Co Ltd will pay $467.2 million for four VLOCs. These vessels were ordered in October last year from independent shipbuilders China Shipbuilding & Offshore International and Dalian Shipbuilding Industry for delivery between February and June 2012.