Guangzhou Shipyard, a subsidiary of China State Shipbuilding Corp, will build eight crude oil tankers for RMB1.9 billion (US$285.3 million) for China Shipping Development, one of the largest carriers of crude oil.
Guangzhou Shipyard said the eight crude oil tankers, with a carrying capacity of 48,000 tons per vessel, are expected to be delivered to China Shipping in 2012.
Which means business is brisk. Last month, China Shipping announced that its net profit surged 63.79% year-on-year to RMB478 million (US$71.77 million) in the third quarter of this year.
China Knowledge reports the company attributed the strong growth in net profit to a recovery in the shipping market, a sharp decrease in operating costs and continuing increase in investment income.