Ningbo Ocean Shipping Company (NBOSCO), the liner shipping unit of Ningbo-Zhoushan Port Group, has made its first newbuilding orders since the company was listed on the Shanghai Stock Exchange in December 2022.
NBOSCO said in a regulatory filing today (17 July) that it has ordered up to eight 1,058 TEU container ships from Taizhou Jianxing Heavy Industries on 14 July. The company had raised US$261 million in the initial public offering, intending to use some of the funds to order newbuildings.
The orders at Taizhou Jianxing comprise firm orders for four vessels, with options for another four ships. The newbuilding price was not disclosed, but is estimated at US$24 million each. The ships are expected to be delivered from 2024 and will be deployed to domestic feeder routes.
Although listed, NBOSCO remains a subsidiary of Ningbo-Zhoushan Port Group, which retains an 81% stake.
NBOSCO is now ranked 29th among liner operators, with a total fleet of 62,251 TEU, including 31 owned ships of 31,822 TEUs. Like many of its peers, NBOSCO ordered newbuildings to take advantage of the firm freight market back in 2020 and 2021. NBOSCO also has three 1,400 TEU units on order at Penglai Zhongbai Jinglu Ship Industry, for delivery this year.
Originally founded as Zhejiang Kaihang Shipbuilding Industry in May 2008, Taizhou Jianxing was renamed in 2015, following a bailout led by the provincial government, after encountering difficulties with the global financial crisis.
Martina Li
Asia Correspondent
