China Shipping Development acquires vessel

Shanghai: China Shipping Development has announced that China Shipping Bulk, a wholly-owned subsidiary of the company, entered into an agreement with Guangzhou Zhenxing Shipping to acquire a vessel for a total consideration of RMB158m.

The 48,000 dwt bulk carrier is under construction at China Shipping Industry.

China Shipping Development has scrapped several aged shipping vessels this year, and is facing a shortfall on its transport capacity. [24/12/14]

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