Parents infusing funds worth 4.6b yuan in New Century

China Shenhua Energy Co Ltd, the nation's largest coal producer, and China Shipping Development Co Ltd will jointly invest 4.6 billion yuan over the next four years in a shipping venture.

China Shipping Development, a listed subsidiary of China Shipping Group, the second biggest sea-cargo group in China, will contribute 2.25 billion yuan to the Zhuhai-based New Century Shipping Co Ltd, and China Shenhua will make up the remaining 2.35 billion yuan.

"We expect cooperation with China Shipping Development will optimize our integrated operations over mines, electricity, roads, ports and shipping, and serve to not only satisfy rising demand for transportation, but also help cut operational costs," said China Shenhua.