China Shipping Development delays 20 newbuildings

Beijing:China Shipping Development Company Limited has delayed the delivery of 10 new buildings from 6-18 months, and expects to delay another 10 ships to reduce interest costs and improve their operating situation, Wang Kangtian, chief accountant of the company said.

The delay of the newbuildings will help save the company RMB700,000-800,000 in interest cost for each ship per month, Wang added.

As at the end of 30 June, the group has a fleet of 245 ships with total capacity of 17.54m dwt. [23/08/12]

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