China: CIC Jiangsu Secures New Shipbuilding Contract

China Shipping Development Company has signed, on Friday, a new contract for the construction of one 110,000 DWT oil tanker. The contract was signed between China Shipping Development Company and its subsidiary Jiangsu shipyard.

The delivery of the vessel is scheduled for September 30, 2013. The approx. value of the contract is USD 53.28 million.

China Shipping official said “In view of the reasonable cost of constructing the tanker, the directors are of the view that the construction and ownership of the tanker is low risk, efficient, and will increase the competitiveness of the group in the shipping market,”

This contract should be financed by bank borrowings and internal financial resources in 80% to 20% ratio.

[mappress]
World Maritime News Staff, January 17, 2012; Image: CSGCIC