Chinese car brands build shipping fleets

Chinese car brands are getting into shipping at a time where car carrier rates have been hitting record highs and the nation has surpassed Germany to become the second-largest producer of cars in the world.

BYD has ordered six 7,700 ceu ships for $710m at two yards controlled by China Merchants, while SAIC has a tender out for seven 8,900 ceu vessels. In July this year, COSCO Shipping Specialized Carriers, Shanghai International Port Group’s SIPG Logistics and automotive manufacturer SAIC Motor’s Anji Logistics announced plans to create a dedicated car transport firm. Electric vehicle maker Nio and Chery Automobile are also eying ship orders, local media reported last week.

Other Asian cars brands including Toyota and Hyundai and latterly VinFast from Vietnam all have their own dedicated car carrier fleets.

Source: Splash247

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