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Shares of the shipping giant increased after announcing plans to invest approximately CNY 2.9 billion (around USD 406.6 million) through its Singapore subsidiary to establish two new units in the country. These units are intended to expand and optimize the fleet and boost global service capabilities.
The company’s stock rose by 5.8%, reaching CNY 10.11 (about USD 1.42) per share as of 2:10 p.m. in Shanghai.
The Singapore-based subsidiary will allocate roughly CNY 1.2 billion to create Ningbo Ocean Shipping Singapore Longitude and about CNY 1.7 billion to establish Ningbo Ocean Shipping Singapore Latitude, according to a stock exchange filing made on September 7.
The parent company plans to fund this initiative through either its own resources or by raising funds, although final approval from Chinese and Singaporean authorities is still pending.
Ningbo Ocean Shipping Singapore Longitude will focus on developing and managing a project involving four vessels, each capable of carrying 2,700 twenty-foot equivalent units (TEUs). Meanwhile, Ningbo Ocean Shipping Singapore Latitude will oversee a project with four ships, each with a capacity of 4,300 TEUs.
This investment aligns with the company’s broader shipbuilding and growth strategy, aimed at refining and strengthening its core shipping operations and increasing competitiveness.
Additionally, by leveraging Singapore’s strategic position as an international shipping hub—known for its extensive shipping resources, comprehensive support services, and favorable geographic location—the company aims to deepen its connections with global markets, thereby enhancing its competitiveness and service offerings.
Founded in 1992, the company is a subsidiary of Ningbo-Zhoushan Port. It manages 33 container liner routes connecting 39 ports along China’s coastline and the Yangtze River. Its network also spans Japan, South Korea, Taiwan, and Southeast Asia.
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