CSCL In $750 Million Buying Spree

Photo: CSCL NEW YORK via Flickr, (c) Tom Turner

HONG KONG (Dow Jones)–China Shipping Container Lines Ltd. (2866.HK) said Friday it entered in deals worth US$754.2 million to buy eight new container ships with delivery by November 2013.

The Hong Kong-listed company said it is buying four ships from China Shipbuilding & Offshore International Co. and Dalian Shipbuilding Industry Co. It will also buy four ships from China Shipbuilding Trading Co. and Hudong-Zhonghua Shipbuilding (Group) Co. All eight ships have a capacity of 10,000 twenty foot-equivalent-unit.

China Shipping said it also has an option to buy an additional two container ships each from the two agreements.

-By Hong Kong Bureau, Dow Jones Newswires