Hong Kong-listed China Shipping Development Company Limited (CSDC) has inked into a deal with Guangzhou Shipyard for construction of four tankers worth a total of US$199.9m.

The four crude /product oil carriers boast 114,000dwt each and are forecast to start delivery by March 31, 2017 and conclude the delivery by the end of December 2017.

The order has been placed through CSDC's shipping arm CS Development Singapore, which is majored engaged in international oil and bulk cargo transportation and the management of the company's assets in Singapore.

The construction of the tankers will be funded by the group as to approximately 70% of the price by bank borrowings and approximately 30% of the price by internal financial resources, CSDC said in a stock exchange filing.