China Rongsheng Receives Order For 10 Suezmax Tankers From Global Union

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December 8, 2011

HONG KONG (Dow Jones)–China Rongsheng Heavy Industries Group Holdings Ltd. (1101.HK) received an order for 10 Suezmax oil tankers from Global Union Shipping Ltd., the Chinese private shipbuilder said Thursday,

The order comes as the global shipping industry has entered a downturn because of slower international trade.

China’s largest non-state-owned shipbuilder said in a statement it received orders for 10 Suezmax crude tankers, with 157,000 deadweight metric tons each, and an option to build another 10 tankers for Global Union Shipping Ltd.

The 10 vessels will be delivered between the end of 2013 and 2014, it added, without giving the size of the deal.

China Rongsheng, which competes with China state-owned shipbuilding giants China Shipbuilding Industry Corp. and China State Shipbuilding Corp., has received new orders for more than 40 vessels, with a total contract value of more than US$2 billion so far in 2011, it said.

The Chinese shipbuilder received US$2.26 billion worth of new orders in 2010.

-By Joanne Chiu, Dow Jones Newswires

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