CSSC Shipping Orders 10 Bulkers in $481m Expansion
Hong Kong-listed lessor CSSC Shipping commits $481 million to construct ten 80,000 dwt dry bulk vessels across domestic shipyards.
Hong Kong-listed vessel lessor CSSC Shipping has committed to a major expansion of its dry bulk fleet, contracting ten 80,000 dwt bulk carrier newbuildings at domestic shipbuilding facilities.
The capital commitment for the ten-ship program is valued at CNH 3.235 billion ($481 million). The leasing entity serves as the financing and shipowning arm of the state-run conglomerate China State Shipbuilding Corporation.
Formal agreements for the newbuilding project were signed with builder Chengxi Shipyard and commercial intermediary China Shipbuilding Trading.
Under the terms of the industrial partnership, Chengxi Shipyard and fellow group entity CSSC Guangxi will share joint responsibility for the design, construction, and delivery phases of the vessel series.
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