Chinese steel giant Baosteel has stated the first ore vessel, named "Renda", with a 230,000 mt carrying capacity has been launched successfully at CSSC Guangzhou Longxue Shipbuilding Co., Ltd. The ship belongs to Haibao Shipping Co., Ltd, which is co-financed by Baosteel Resources Co., Ltd and by China Shipping Development Co., Ltd. The new launch is a demonstration of the deepening cooperation between the two companies, Baosteel said.
In November 2008, Baosteel and China Shipping Group signed an agreement to authorize their subsidiary companies Baosteel Resources Co., Ltd and China Shipping Development Co., Ltd to co-finance and set up Haibao Shipping Co., Ltd. Haibao Shipping Co., Ltd plans to order four ships with 230,000 mt carrying capacity and 2 ore ships with 300,000 mt carrying capacity to serve Baosteel's bulk transportation needs.
"Renda" is expected to be officially commissioned in May 2010. It is expected to greatly increase Baosteel's oceangoing transportation ability.