Shipbuilding Special: Oswal takes delivery of first China-made ship

Australia-based Indian industrialist Pankaj Oswal has announced that Maruti Shipping, a part of his Oswal Group Global, will spend $320 million by 2012 for nine ships built at Yangzhou Guoyu Shipyards in Jiangsu province.

The first of the fleet of 57,000-ton dry bulk carriers built in Yangzhou will be delivered today and is already chartered by the Thoreson Group in Thailand.

Other Maruti ships have been chartered to some of the largest companies in the sector, including Klaveness Chartering, BVI and Pacific Chartering, according to a statement from the group.