The company said CSSC Shipping (Hong Kong) will spend up to CNY 7bn ($1.12bn) on ship orders at CSSC yards.

In a statement to the Shanghai stock exchange, CSSC said the list of ship types included – but was not limited to – bulkers, tankers, boxships and offshore vessels, plus production platforms.

The agreement is valid until the end of this year, but may be renewed, it added.

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