CSD places order for tankers

China Shipping Development (CSD), the nation’s biggest oil and coal carrier, announced its wholly-owned unit China Shipping Development (Hong Kong) Marine Co has signed an agreement to buy four oil tankers of 76,000 DWT from Dalian Shipbuilding Industry Co. Under the $228 million deal, the four oil tankers are expected to be delivered between July and December 2011.

A CSD official explained that the new order was to maintain the firm?s market share in the international and domestic markets as the company’s single-hull tankers were being phased out gradually.

The company also said that the choice of the ship size was made on the ground that Panamax tankers are more flexible and competitive in the international market and can match the larger size of modern product oil terminals in China. It added that Panamax tankers suit the firm?s plans to expand further on the Europe-US routes in the Atlantic market in the future.

Last year CSD ordered six Panamax tankers from Dalian Shipyard which will be delivered between 2009 and 2010. CSD also runs a bulk fleet of 116 vessels totalling 4.1m dwt.