Shanghai: China Shipping Development (CSD) has done some quick internal deals to help prop up its financials ahead of the end of the year. CSD announced today that its fully controlled subsidiary China Shipping Bulk Carrier has signed a charter agreement with China Shipping (Hong Kong) Holdings.
Under the agreement, China Shipping Bulk Carrier will charter 21 dry bulk carriers with total capacity of 1.43m dwt from China Shipping (Hong Kong) Holdings for six months starting from January 1 to June 30, 2014. The total chartering fee is about $70m.
The board of CSD also approved its subsidiary CSD (Hong Kong) to purchase two resale 82000dwt bulkers from China Shipping Puyuan Marine at a price of $27m each vessel.
In the meantime, CSD plans to apply for a six month loan of RMB400m from the parent China Shipping Group. [24/12/13]
