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Article: CHINA SHIPPING DEVELOPMENT TO PAY CNY445MN FOR SHIPBUILDING

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AsiaInfo Services
Article date:
November 13, 2009
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AsiaInfo Services
11-13-2009
China Shipping Development to Pay CNY445mn for Shipbuilding

SHANGHAI, Nov 13, 2009 (SinoCast Daily Business Beat via COMTEX) -- China Shipping Development Co., Ltd. (SHSE: 600026; SEHK: 1138) yesterday entered into a USD 65.2 million or CNY 445 million agreement upon building of two 76,000-ton bulk cargo ships with China State Shipbuilding Corporation (CSSC) and the Jiangnan Shipyard.

Upon the latest announcement, the Shanghai-listed company will pay for total expense in five tranches in line with the building progress, and about 20% and 80% of its payment will be the self-financing and bank loan, respectively. The two bulk carriers are scheduled to be ...

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