Ningbo Ocean Shipping looks to Singapore for global fleet expansion
Ningbo Ocean Shipping Invests $406.5 Million in Fleet Expansion
Ningbo Ocean Shipping has announced a significant investment of approximately CNY2.9 billion ($406.5 million) through its Singapore subsidiary, aimed at establishing two new subsidiaries to expand its fleet. The investment will be divided between two entities: Ningbo Ocean Shipping Singapore Longitude, which will receive CNY1.2 billion ($168.2 million), and Ningbo Ocean Shipping Singapore Latitude, set to receive CNY1.7 billion ($238.3 million).
New Vessel Orders Set for Delivery
The subsidiary Ningbo Ocean Shipping Singapore Longitude will focus on the construction and operation of four container ships, each with a capacity of 2,700 twenty-foot equivalent units (teu). Meanwhile, Ningbo Ocean Shipping Singapore Latitude is set to handle the same processes for four larger vessels, each capable of carrying 4,300 teu. Both projects highlight the company’s commitment to enhancing its operational capabilities in the shipping industry.
The investment will be financed through the company’s own resources or funds raised independently, as stated by Ningbo Ocean Shipping. In a previous report from August, the company confirmed an order for four 4,300 teu vessels from Huangpu Wenchong Shipbuilding, scheduled to be delivered in 2029. Additionally, the four 2,700 teu ships ordered in late April from the same shipyard are expected to arrive by 2027.
This strategic expansion reflects Ningbo Ocean Shipping’s ambition to strengthen its market position and meet growing demand in the shipping sector. With these new vessels, the company aims to enhance its fleet capacity and operational efficiency, paving the way for future growth.
