Ningbo Ocean Shipping Co., Ltd. announced that its board of directors approved the establishment of two wholly owned subsidiaries in Singapore to undertake container vessel projects.
According to the company, Ningbo Ocean Shipping (Singapore) Longitude Pte. Ltd. will be responsible for building and operating four 2,700 TEU container vessels with a total investment of about RMB 1.194 billion.
Ningbo Ocean Shipping (Singapore) Latitude Pte. Ltd. will be responsible for four 4,300 TEU container vessels with a total investment of about RMB 1.7 billion. The investment funds will be used for vessel construction as well as the establishment and initial operations of the overseas subsidiaries.
The investments will be made through the company’s existing wholly owned subsidiary, Ningbo Ocean Shipping (Singapore) Co., Ltd. Both new entities will have registered capital of SGD 5 million and be engaged in shipping and ship management services.
The company stated that the projects are subject to filings or approvals from Chinese authorities responsible for overseas investment and to registration in Singapore. It noted that construction schedules and project scale may be adjusted depending on external conditions, and that overseas investment may carry operational and management risks due to political, legal, and economic differences.
Ningbo Ocean Shipping Co., Ltd. is a joint-stock company listed on the Shanghai Stock Exchange. It operates as a commercial shipping enterprise with activities in international and domestic maritime transport and related logistics services.
Ningbo Ocean Shipping (Singapore) Co., Ltd. Ningbo Ocean Shipping (Singapore) Co., Ltd. is a wholly owned overseas subsidiary of Ningbo Ocean Shipping Co., Ltd., incorporated under Singaporean law. Its function is to manage overseas business operations and act as a holding entity for international projects.