China Shipping Dev. pays RMB 3.27 bln for new fleet

China Shipping Development Co. Ltd. <1138> has announced the payment of RMB 3.27 billion for the construction of 12 bulk carriers that will transport bulk cargo.

The shipping group said in a statement that each bulk carrier would have 57,300 dead weight tons. The vessels will be delivered between 2008 and 2011.