CSDC Orders Four VLCCs

Business & Finance

China Shipping Development Company  (CSDC) has through its Hong Kong-based unit ordered four Very Large Crude Carriers (VLCCs) worth USD 375.9 million.

The company signed a contract with compatriot shipbuilder Dalian Shipbuilding Industry Co (DISC) for construction of four 308,000 DWT carriers earlier today.

The vessels, each with a price tag worth USD 93.9 million, are expected to start delivery in May 2017, with the final unit slated for delivery in September 2018, the company said in a filing to Shanghai Stock Exchange.

CSDC said it expects to see around USD 48m net profit for the year ended December 31, 2014.

The company attributed the positive results to ”the increase in freight rates in the international oil transportation market, and efforts made by the group to further strengthen its control over costs, resulting in notable achievement particularly over fuel costs and labor costs.”

World Maritime News Staff