CITIC Pacific says buys 17 vessels for US$888 mlnThu Dec 13,...

CITIC Pacific says buys 17 vessels for US$888 mln
Thu Dec 13, 2007 8:38pm EST
HONG KONG, Dec 14 (Reuters) - Property to steel conglomerate CITIC Pacific Ltd (0267.HK: Quote, Profile, Research) said it will buy 17 vessels for a total of US$888 million to ensure the transportation of iron ore and coal to supply its special steel and power plant operations.

The 12 vessels of 115,000 dead weight tonnes (dwt) each will enable the firm to ensure transportation of iron ore from abroad to its special steel business in China and are also suitable for the transportation of the group's iron ore products from Western Australia, it said on late Thursday.

Beijing-backed CITIC said the five 57,000 dwt vessels would enable its unit, Jiangyi Ligang Electric Power Generation Co Ltd, to ensure transportation of coal for its power plant, it added.

The vessels will be delivered between 2010 to 2012.

For details please read main.ednews.hk/listedco/listconews/sehk/20071213/LTN20071213270