Tangsteel plans shipping JV

摘要

China's Tangsteel Group will set up a joint venture with a leading global carrier to build a fleet of large bulk ships to cut the cost of hauling raw materials amid surging freight rates.rnQiu Hongwei, a senior Tangsteel executive, said the company is negotiating with several potential partners, including some of the largest global shipping companies.rnThe company will initially build two or three ships of 300,000-dwt to transport iron ore from Brazil, its major supplier.