Chinese National Development and Reform Commission recently announced that China Shipping Development Co and Baosteel Resource Co member of Baosteel Group got the access to jointly fund in a shipping venture in Hong Kong which will specialize in ocean trade for bulk cargo like imported iron ore.
As per report, China Shipping and Baosteel Resource respectively hold 51% and 49% share of the venture with a total investment of USD 703.66 million. The two sides take the same view that the venture will take part in the competition of shipping market for iron ore and get returns by making good use of their individual advantages in resource demand and shipping.
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