Ningbo Ocean Shipping Expands Fleet with $406m Plan

Ningbo Ocean Shipping has unveiled plans to invest approximately CNY 2.9 billion ($406.5 million) through its Singapore arm to establish two new subsidiaries, aimed at expanding its fleet.

The company will allocate CNY 1.2 billion ($168.2 million) to create Ningbo Ocean Shipping Singapore Longitude, which will focus on building and operating four 2,700 TEU containerships. Another CNY 1.7 billion ($238.3 million) will go toward setting up Ningbo Ocean Shipping Singapore Latitude, tasked with constructing and managing four 4,300 TEU vessels.

In its statement, the company confirmed that the funds will come from its own resources or self-raised capital.

Ningbo Ocean has already placed orders for the ships with Huangpu Wenchong Shipbuilding. In August, it was reported that the company ordered four 4,300 TEU vessels, which are expected for delivery in 2029. The four 2,700 TEU containerships, ordered earlier in April, are scheduled for handover in 2027.