Company Orders 16 VLOCs — Enters China Iron Ore Import Shipping Market

In 2007, the Company ordered 16 VLOCs (Very Large Ore Carriers), marking its entry into the shipping market for China's importing iron ore. The Company also issued RMB 2 billion convertible bonds to the public in the A share market.

Iron Ore Import Strategy

The VLOC order reflected China's rapidly growing demand for imported iron ore to feed its expanding steel industry. By entering the iron ore shipping market, the Company positioned itself to serve China's industrial growth alongside its existing crude oil and LNG transportation operations.