Jiangsu Company Builds 12 Iron Ore Ships
China's Jiangsu Rongsheng Heavy Industries Group signed a deal with
Brazil's Companhia Vale do Rio Doce to build 12 iron ore carriers. The
deal is worth USD1.6 bn and is planned to be completed in 2012. The 12
carriers will each have a capacity of 400,000 deadweight tonnes (dwt)
and will therefore be the largest ore carriers in the world, state
media reports. Analysts say that the deal underlines China's search for
new supply options of iron ore. Last month, the country's major steel
producer Baosteel had to accept a 96.5 per cent price increase for iron ore orders from Australia's BHP Billiton.
HSBC Seeks Chinese Partner
Europe's largest bank HSBC said it is interested in partnering with a
Chinese bank for underwriting domestic share offerings, Reuters
reports. "We are looking hard at whether we can form an investment
banking joint venture in China," Vincent Cheng told Reuters in an
interview. HSBC's competitors, such as Goldman Sachs, UBS and Credit
Suisse, have already teamed up with Chinese partners, and have acquired
the necessary domestic investment banking licence.
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