Ningbo Marine exercises option for two bulk carriers

Ningbo Marine (SSE:600798) announced it will move forward with the construction of two 64,000-ton bulk carriers, exercising its option stipulated in a construction contract signed on November 26, 2024, with Jiangsu Haitong Offshore Engineering Equipment Co., Ltd. The decision, made on February 25, 2025, follows an assessment of the current shipping market conditions. The initial agreement, approved at shareholder meetings in 2024, involved a potential order of four vessels. With the formal notification to Jiangsu Haitong, the order for the two optioned vessels, carrying contract numbers JSHT367 and JSHT368, becomes effective immediately and construction is set to begin.