China Shipping Development Co, the nation's biggest oil carrier, has ordered four iron-ore vessels for US$360.6 million as demand rises for the raw material used in steel making.

 

China Shipping signed the accord with CSSC Guangzhou Longxue Shipbuilding Co to build four very large iron-ore carriers of 230,000 deadweight tons each, the Shanghai-based company said in a statement to the Hong Kong stock exchange yesterday.

 

The four carriers will be delivered between April 2011 and December 2011, China Shipping said. The company will borrow 80 percent of the ships's cost from banks, it said.

 

China overtook Japan as the largest buyer of iron ore in 2003 after steel makers boosted production to meet heavy demand for cars, railroads and buildings.

 

(Shanghai Daily October 30, 2007)