The Chinese shipping company Ningbo Ocean Shipping (NBOSCO) plans to expand its fleet by ten vessels. Through long-term leasing agreements, the company intends to gain a stronger foothold in both car transport and longer-haul container routes.
The shipping company, which is part of the Ningbo-Zhoushan Port Group, has now unveiled plans to charter eight newbuilds on a long-term basis. The plans include four container ships, each with a capacity of 7,000 TEU, two vessels, each with a capacity of 14,000 TEU, and two RoRo car carriers, each with a capacity of 7,000 vehicles (CEU).
The lease agreements are to run for up to 20 years each. The total lease costs are capped at 10.3 billion RMB (around $1.45 billion). Implementation is still subject to shareholder approval.
Under the proposed model, the leasing companies will commission the newbuilds from the shipyards and subsequently lease them to NBOSCO as the owners. Specific delivery dates have not yet been set.
NBOSCO expands its car carrier business
Back in early October, NBOSCO had already announced its intention to lease two further LNG dual-fuel car carriers, each with a capacity of 7,000 CEU, for a total of up to $480 million on a long-term basis.
The shipping company had only entered the vehicle transport sector in August. To this end, it chartered the 7,000 CEU car carrier ‘Clean Star’ for two years from the Greek shipping company Atlas Maritime. With the newbuilds now planned, the future RoRo fleet would grow to four leased vessels owned by the company. NBOSCO aims to capitalise on the growth in Chinese car exports and the global demand for vehicle transport capacity.
Larger container ships for international routes
NBOSCO also intends to broaden its footprint in container shipping and expand its previously predominantly regional route network.
The planned 7,000 TEU vessels are to be deployed on medium- and long-haul international routes. The two larger vessels, each with a capacity of 14,000 TEU, are earmarked for key intercontinental routes. In doing so, NBOSCO is also relying on partnerships with other shipping lines and the shared use of berthing capacity.
The fleet expansion is intended to strengthen links between the Port of Ningbo-Zhoushan, the Chinese export sector and new international markets.
According to NBOSCO, the long-term leasing model offers the opportunity to build up additional transport capacity without having to bear the high initial investment costs associated with ordering new vessels. At the same time, the company can maintain its financial flexibility. The background to this includes, amongst other things, limited shipyard capacity and long order books, some of which already extend as far as 2030.
Turnover rises, profit falls
The fleet expansion is taking place against a backdrop of growing business volume. In the first nine months of 2025, NBOSCO generated revenue of 5.18 billion RMB (around $773.1 million). This represents a 15% increase compared with the same period last year.
However, net profit fell by 10% over the same period to RMB 482 million (around $71.9 million). In addition, the company raised approximately RMB 1.08 billion in August through a private placement of shares.
By expanding its fleet and forging additional strategic partnerships, NBOSCO aims to evolve from a predominantly regional shipping company into a more diversified shipping group with a stronger international presence.
