Shanghai-listed dry bulk operator Ningbo Marine is expanding its owned fleet with five newbuildings totalling 342,000 dwt (deadweight tonnes), a move that comes as its first-half cargo volumes jumped 55.5% year on year to 39.2m tonnes, according to Splash247.
The Zhejiang Energy-backed company has approved up to CNY980m ($136m) for four 65,000 dwt bulkers earmarked for domestic trades, while wholly owned Ningbo Marine Singapore has been cleared to spend up to $36.5m on an 82,000 dwt kamsarmax for the international market, Splash247 reported. Both investments were cleared by the board and remain at the preparatory stage.
Five-ship order splits domestic and international trades
Ningbo Marine will use public tenders to select Chinese builders before signing binding shipbuilding contracts, with financing expected to come from a mix of internal funds, bank debt and other sources, according to Splash247. No delivery dates or propulsion details have been disclosed, per the same report.
| Vessels | Dwt each | Total dwt | Investment | Market |
|---|---|---|---|---|
| 4 bulkers | 65,000 | 260,000 | CNY980m ($136m) | Domestic |
| 1 kamsarmax | 82,000 | 82,000 | $36.5m | International |
| Total | — | 342,000 | — | — |
Newbuild pipeline reaches nine vessels, 598,000 dwt
The latest move comes on top of four 64,000 dwt ultramaxes Ningbo Marine lined up in 2024, a deal first reported by Splash. The company eventually firmed all four ships at Jiangsu Haitong Marine Engineering Equipment, with deliveries scheduled between August and December 2027 and an investment ceiling of CNY1.165bn, according to Splash247. Ningbo Marine’s half-year report said the four ships have moved into preparations for construction.
Splash247 reported that the latest five-ship plan would add another 342,000 dwt, taking the company’s prospective dry bulk newbuild pipeline to nine vessels and 598,000 dwt — equivalent to almost 40% of its existing fleet capacity.
Existing fleet and secondhand disposals
At the end of June, Ningbo Marine operated 29 ships totalling about 1.5m dwt, comprising 28 bulkers of 1.49m dwt and a single 12,000 dwt product tanker, according to Splash247. Its dry fleet is weighted heavily towards handymax and panamax tonnage, alongside one capesize. The owner has also been clearing out older tonnage, selling two bulkers in March last year, and its fleet averaged 14.5 years of age at the end of 2024.
Cargo growth drives chartering costs higher
First-half cargo volumes jumped 55.5% year on year to 39.2m tonnes, while waterborne transport revenue rose 82.4% to CNY1.69bn, Splash247 reported. Ningbo Marine has increasingly tapped chartered tonnage to handle the growth, with ship leasing costs climbing 169% to CNY1.18bn during the period. The expansion comes as the company scales up its shipping business beyond its core domestic coal trades.
Ningbo Marine’s core business remains coal and other dry bulk transportation along the Chinese coast and Yangtze River, as well as import trades carrying coal and ore from Australia, Indonesia and elsewhere in Southeast Asia, according to Splash247. The company sits within state-owned Zhejiang Energy Group’s energy supply chain.
Watch list
- Public tenders to select Chinese builders for the five new ships, followed by binding shipbuilding contracts, per Splash247.
- Delivery dates and propulsion details for the five newbuildings have not been disclosed.
- Financing structure for the programme, expected to combine internal funds, bank debt and other sources.
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