CSD to add 20 newbuilds to fleet in 2014

Shanghai: China Shipping Development (CSD) is expected to add 20 vessels including two tankers with total capacity of 430,000dwt and 18 bulkers with total capacity of 1.49m dwt, the company said in its 2013 annual report.

CSD said around 40 vessels with a total capacity of 1.3m dwt will be scrapped in order to further optimize the fleet.

CSD reported a huge net loss of RMB2.298bn in the fiscal year of 2013 and the company has set the goal of increasing revenue by 25.8% to RMB14.3bn in the fiscal year of 2014. [21/03/14]

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