CSSC (Hong Kong) Shipping, the financial leasing subsidiary of state-run shipbuilding group CSSC, has signed shipbuilding contracts with Shanghai Waigaoqiao Shipbuilding for the construction of five 158,000dwt Suezmax tankers.

The contracts total about $320m, and the vessels will be chartered to an Indian company upon delivery at the end of 2016 and 2017.

CSSC Shipping announced in April this year that the company planned to invest RMB7bn on new vessels in 2014.