CSDC bids for owner

The board of China Shipping Development Co (CSDC) has approved a move to take a stake in a domestic tanker rival.

The China Shipping Group company will be bidding for a 20% slice of Shanghai North Sea Shipping Co, it said.

Bids will start at CNY 830m ($133m).

Shanghai North owns four modern aframaxes, plus four products carriers, and has one more of each due from Chinese shipyards this year.