China Shipping Development Co (600026.SH) said Thursday its Hong Kong subsidiary signed a US$228 million contract Wednesday with Dalian Shipbuilding Industry Co for four 76,000 ton oil tankers, the Shanghai Securities News reported. The money, to be 20% met from cash and 80% financed through bank loans, will be paid over five equal instalments. The tankers are scheduled to be delivered in July, October, November and December 2011. China Shipping Development estimates the deal will take its budget for new vessels until 2012 to US$3.51 billion (RMB24 billion). The company said the deal will not downgrade its assets/liabilities ratio because it has sufficient cash flow at around US$731.15 million (RMB5 billion) a year.