350 million dollars to build a new ship

China Sea Development (600026) Bulletin said, the company and the wholly-owned subsidiary of CSCL Development (Hong Kong) Shipping Co., Ltd. and the independent third party Dalian Shipbuilding Heavy Industry Co., Ltd. and China Shipbuilding heavy Industry International Trade Co., Ltd. contracted to construct two 300,000-ton crude oil vessels and three 110,000-ton oil/crude oil vessels with a total price of USD 351 million. China Sea Development Hong Kong in Dalian shipbuilding heavy Industry and Chinese shipping trade to build two 320,000 DWT crude oil ship, the total price of 191 million U.S. dollars, about 1.28 billion yuan. The ship shall be paid in United States dollars for the ship's shipbuilding progress by five, each of which will pay 20% of each ship's payment. The necessary funds for the shipbuilding of 20% through self-financing, 80% through the bank loan solution.　　The delivery time for the two 320,000-ton tankers is expected to be June 2013 and September. Company in Dalian Shipbuilding heavy Industry and China shipping trade to build three 110,000 DWT oil/crude oil ship, the total price of about 160 million U.S. dollars, about 1.07 billion yuan. The ship shall be paid in RMB five for each ship's shipbuilding progress, and 20% of each ship's payment will be paid in each period. The necessary funds for the shipbuilding of 20% through self-financing, 80% through the bank loan solution. The three 110,000-ton oil/crude oil ship delivery time is expected to be August 2012, October and December.