China Shipping Development Co. said last week that it plans to set up a 51-49 percent shipping venture with Shanghai International Port Group.

According to the story, a Hong Kong unit of China Shipping would invest $10.2 million in the venture, capitalized at $20 million, while a Shanghai International Port subsidiary would contribute $9.8 million.

The venture will focus on the transport of imported iron ore, according to a statement by the carriers, but gave no timetable for the venture's establishment.