China Shipping Devt Unit Enters $360.64M Shipbuilding Deal

China Shipping Development Co. Ltd. (1138.HK) said its wholly-owned unit, China Shipping Development (Hong Kong) Marine Co. Ltd., has entered into an agreement with a mainland China shipbuilding firm to construct four very large iron ore carriers (VLOCs) for a total of $360.64m. It said it has contracted CSSC Guangzhou Longxue Shipbuilding Co Ltd to build the VLOCs, each of which will be used to transport iron ore. [Source: http://www.tradingmarkets.com]