COSCO SHIPPING Special Transport adds 6 more vessels, exceeding 20 in total! Building a national team for car maritime transport.
2022-12-01 09:00
Following the plan for 15 newly built ships this year, COSCO SHIPPING Special Transport will add at least 6 more dual-fuel car carriers. To solve the problem of China's car export shipping being a 'bottleneck', COSCO SHIPPING Special Transport continues to increase its investment in building a 'national team' of car carriers.
According to TradeWinds, COSCO SHIPPING Special Transport has contacted Mawei Shipbuilding, a subsidiary of Fujian Shipbuilding Heavy Industry Group, to order another 6-8 7,000-vehicle LNG dual-fuel car carriers. The estimated cost of each new ship exceeds US\$85 million. Similar to previous orders, these new ships will be built by Xiamen Shipbuilding Industry, an affiliated shipyard of Fujian Shipbuilding Group, and are scheduled for delivery in 2025-2026.
In the first half of this year, COSCO SHIPPING Special Transport ordered a total of 15 LNG-powered car carriers, including 6 7,500-vehicle car carriers from Fujian Shipbuilding Heavy Industry Group, 6 7,000-vehicle car carriers from Guangzhou Shipyard International, and 3 8,300-vehicle car carriers from Shanghai Waigaoqiao Shipbuilding.
It is understood that this is the first time Fujian Shipbuilding Heavy Industry Group has entered the car carrier market. Reports suggest that Fujian Shipbuilding Heavy Industry Group will transfer the construction of 4 of these ships to Xiamen Shipbuilding Industry, while the other 2 will be built by its subsidiary, Mawei Shipbuilding. Xiamen Shipbuilding Industry has extensive experience in building car carriers, having delivered two 7,500-vehicle LNG-powered car carriers, "Siem Confucius" and "Siem Aristotle," in 2020. These were the first LNG-powered car carriers in history capable of transatlantic voyages.
It is reported that these 15 newly built car carriers of COSCO SHIPPING Special Transport will be operated by its joint venture automotive supply chain company - Guangzhou Yuanhai Car Carrier Transportation Co., Ltd. Established on August 10 this year, Yuanhai Car Carrier is jointly held by COSCO SHIPPING Special Transport Co., Ltd., Shanghai Port Group Logistics Co., Ltd., and SAIC Anji Logistics Co., Ltd., with respective shareholdings of 42.50%, 37.50%, and 20.00%.
On November 26, Yuanhai Car Carrier's "Yu Heng Pioneer" vessel, carrying 3,859 vehicles from Chinese brands including FAW, SAIC, Chery, JAC, Dongfeng, Geely, and Great Wall, departed from Shanghai Haitong International Automobile Terminal for the Persian Gulf in the Middle East, marking the official opening of China's first car carrier route from Shanghai to the Persian Gulf.
Yuanhai Car Carrier previously announced that it will gradually put into operation more than 15 large 7,000-8,600-vehicle LNG dual-fuel car carriers from the second half of 2024. With the delivery of the additional capacity, Yuanhai Car Carrier will gradually expand its service coverage to Europe, South America, the Red Sea, Mexico, and Australia to ensure the security of China's automotive industry export supply chain.
In recent years, China's vehicle exports have grown rapidly, with a year-on-year increase of 101.1% to 2.015 million units in 2021. This year, China's car exports have continued their strong growth momentum, reaching 2.456 million units in the first 10 months, a year-on-year increase of 54.1%, surpassing Germany to become the world's second largest exporter.
With the rapid growth in export volume, Chinese automakers' demand for car carrier capacity is increasing day by day. However, the global car shipping market has long been monopolized by several large car carrier companies in Japan, South Korea, Europe, and Norway. Of the approximately 700 professional ocean-going car carriers worldwide, only about 10 Chinese car carriers are engaged in international transportation. Japanese and South Korean companies account for more than 40% of the car shipping market share, with Japan, South Korea, and Europe together accounting for more than 70%. Insufficient capacity, unstable capacity, and high freight rates have become stumbling blocks hindering China's car exports.
Therefore, COSCO SHIPPING Special Transport, the leading domestic automotive foreign trade transportation company, is undertaking large-scale investment in ordering ships to expand its fleet. COSCO SHIPPING Special Transport's current car carrier fleet consists of 5 car carriers with a total capacity of 24,132 vehicles, of which 3 with a total capacity of 15,932 vehicles are engaged in foreign trade transportation. This scale ranks first in domestic automotive foreign trade transportation, but these 5 car carriers are all more than 10 years old and urgently need to be updated and replaced.
At the same time, COSCO SHIPPING Special Transport has also jointly established Yuanhai Car Carrier with Shanghai Port Logistics and SAIC Anji Logistics. As a joint venture automotive supply chain service provider established by a shipping company, port logistics company, and vehicle manufacturer, the joint venture company will effectively integrate the advantages of all parties, strengthen cooperation between ship owners and cargo owners, and between shipping and port logistics companies. It will focus on China's car export routes, radiate and cultivate the international car transportation market, and thus ensure the safety and stability of the export supply chain of China's modern manufacturing industry.
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