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Zhenhua nets $343m order from DP World

By Tong Hao (chinadaily.com.cn)
Updated: 2008-12-29 18:40

Shanghai Zhenhua, the world's largest port machinery supplier, has agreed to sell Dubai Port World (DP World) 87 sets of container cranes worth $343 million, Zhenhua said.

As contracted, the Chinese company will deliver the cranes from 2009 to the first quarter of 2010, according to a statement the company filed to the Shanghai Stock Exchange on Dec 27.

With 13 piers under construction, DP World plans to build 10 more in the next several years. It is also planning to purchase additional port machinery from Zhenhua, which holds a 78 percent global market share.

DP World is now the world's fourth largest container pier operator with 48 piers worldwide. It purchased cranes worth $735 million from Zhenhua between 2003 and 2007.