Ningbo Ocean Shipping has revealed a plan to invest around CNY2.9bn ($406.5m) via its Singapore arm to set up two more subsidiaries in the country to further grow its fleet.

The company will invest CNY1.2bn ($168.2m) to establish Ningbo Ocean Shipping Singapore Longitude and CNY1.7bn ($238.3m) to set up Ningbo Ocean Shipping Singapore Latitude.

The former will invest in the construction and operation of four 2,700 teu boxships, while the latter will do the same for four 4,300 teu vessels.

According to a statement from the company, Ningbo Ocean Shipping will use its own or self-raised funds for the investment.

The company has already ordered the vessels from Huangpu Wenchong Shipbuilding. Splash reported in August that Ningbo Ocean ordered four 4,300 teu vessels. They will be scheduled for delivery in 2029.

The four 2,700 teu boxships were ordered in late April from the same yard. The quartet is expected to be delivered in 2027.