Chinese shipbuilder CSIC has confirmed orders worth CNY 14.3bn ($2.08bn) in a big signing ceremony in Beijing.
The event was attended by more than 150 representatives from the shipyard, finance and shipowning sectors, including representatives of China Exim Bank and China Classification Society.
The group said the deals would "inject a warm current into the current downturn of the international shipping market".
TradeWinds understands the deals include both new and previously reported deals.
The contracts comprise a series of newbuilding orders, ship charters, ship financing cooperation agreements like leasing arrangements, and equipment deals.
The vessels include VLCCs, bulkers and shuttle, product and chemical tankers.
CSIC said: "This is the first motivation for CSIC to take innovation as the leading force for development and adhere to the implementation of the high-quality development strategy. "
Its chairman Hu Wenming added: "In recent years, the international economic and trade situation has become more complex and volatile, the volatility of the civilian ship market has intensified, and the requirements for relevant international maritime regulations such as ship emissions and energy efficiency have been continuously improved."
Irene Ang contributed to this story.
