Feb. 22, 2007 (China Knowledge) – China Shipping Development <1138>, the largest carrier of crude oil in the Mainland, announced Wednesday the purchase of two oil tankers for US$87 million.

The new tankers, with a capacity of 46,000 deadweight tons each, are due for delivery between the fourth quarter of 2007 and the first quarter of 2009. Upon delivery, the shipping operator will control a fleet of 71 oil tankers with a combined carrying capacity of 3.5 million deadweight tons.

China Shipping’s statement to the Hong Kong Stock Exchange said that the additional tankers will enable the firm to cater to the increasing demand from the oil transportation market.