China Shipping Development Co., a subsidiary of the Shanghai-based China Shipping Group, said on Thursday it would buy four very large ore carriers from Chinese shipbuilders for $400 million to develop its ore import business, Reuters reported.
The four ships will each have capacity of 230,000 deadweight tons, and the purchase will be funded from the company's own resources or through bank loans, the company said.
Last month, China Shipping Development said that in another deal, it would buy four large iron ore carriers for $460 million, the news agency reported.