Shanghai: China Shipping Development (CSD) has announced that the board has approved its 51% owned subsidiary, Jinghai Shipping, to order three 6,600dwt bulkers at a domestic shipyard.
Jinghai Shipping is joint venture between China Shipping Development and steel producer Shougang Group.
CSD said it is expected add a total of eight bulkers with total capacity of 516,000dwt to its fleet in 2015. The company reported a net profit of RMB310.9m ($50.03m) for the year 2014, year-on-year growth of 113.52%.
