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|  | | Rongsheng heavy wins USD1.6 billion ship contract |
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¡¡¡¡Aug.3rd Jiangsu Rongsheng Heavy Industries has won contracts to build 12 iron ore ships for Brazil-based Vale in the world¡¯s largest single shipbuilding order, and plans a USD2 billion stock market listing as early as the end of this year.
¡¡¡¡Vale, the world's top iron ore producer, will pay USD1.6 billion for the 12 vessels (VLOC), each with a capacity of 400,000 DWTs that represents the largest VLOC worldwide.
¡¡¡¡That's really a landmark for China as this would also be the largest ship built by China in terms of tonnage, said Chen Qiang, chairman of Rongsheng, China's top private ship builder, based in Rugao, Jiangsu Province.
¡¡¡¡Rongsheng, in which a group of investors including Goldman Sachs and D.E. Shaw & Co last year bought a USD250 million minority stake, plans a listing by year-end or early 2009, in either Singapore, Hong Kong, or on the mainland.
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