Ningbo Ocean Shipping Plans to Charter Two 7,000-Car LNG Dual-Fuel Car Carriers for US$480 Million

Ningbo Ocean Shipping plans to add two 7,000-car LNG dual-fuel car carriers through long-term charters, at a total cost of up to US$480 million and for terms of up to 20 years. The Shanghai-listed company has not yet selected the chartering parties, vessel sources or delivery dates. The proposal requires shareholder approval in a vote on October 26. The company previously chartered the 7,000-car LNG dual-fuel vessel Clean Star for two years at a daily rate of US$80,000, and began shipping Chinese-made cars to Europe in August.