China Shipping Development has agreed to lease nine container vessels from its parent company, China Shipping (Group), for one year. The H share will pay China Shipping (Group) 58 million yuan (about HK$54.2 million). The company said that it was as part of its efforts to develop its container transportation business. In a separate agreement, China Shipping Development has agreed to sell an oil tanker to Shanghai Shipping (Group) Digang Dili Material Recovery for 6.2 million yuan. Dili Material will dismantle the oil tanker and sell it as scrap metal. The oil tanker was commissioned in 1971 and its poor condition has resulted in high maintenance costs. China Shipping Development has no intentions of replacing the tanker.