citic ships

CITIC Pacific 12 bulk cargo ships start construction
Thursday, 31 Dec 2009It is reported that CITIC Pacific's 12 bulk cargo ships with carrying capacity of 115,000 tonnes for each start construction. As per report Shanghai Jiangnan Changxing Heavy Industry Co Ltd will build all of those ships.

This order was agreed between CITIC Pacific and Jiangnan Changxing Heavy Industry last year with the total value reaching USD 700 million. After the building, the fleet will be the third largest one after COSCO and China Shipping in China.

The fleet is designed to carry iron ore from CITIC Pacific's Australian iron mine to CITIC Pacific Special Steel Group and other mills located at China east coast and downstream of Yangtze River.

CITIC Pacific acquired 6 billion tones reserve iron ore mine in Australia 2006 for 30 year mineral right by the total investment of USD 2.5 billion. When the mine is on stream, it will ship 25 million tonnes of iron ore to China every year. The production capacity will expand further to 50mln tonnes. So, CITIC Pacific is eager to boost its ocean transport capacity.

(Sourced from MySteel.net)
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