Maritime industry: NBOSCO orders new vessels and South Korea tests Arctic route

Ningbo Ocean Shipping (NBOSCO) has confirmed a shipbuilding program for four feeder vessels with Wuchang Shipbuilding, a subsidiary of CSSC, for approximately 832 million RMB ($123 million). Four subsidiaries of the Shanghai-listed company signed separate contracts for ships with a capacity of 1,900 TEU each. These vessels, designed for regional routes in shallow ports, are scheduled for delivery in 2028 and 2029, with NBOSCO retaining options for two additional ships.

In a separate maritime development, South Korea is set to test the commercial viability of the Arctic shipping route. A PanStar container ship will attempt a voyage from Busan to Europe via the Arctic, with stops planned for the United Kingdom, the Netherlands, and Poland. The route could potentially reduce travel time to Europe by up to 35% compared to the Suez Canal. While the move follows similar efforts by Russia and China, it may cause friction with Western allies due to the necessity of cooperation with Russia. The voyage is expected to take between 40 and 45 days, taking advantage of lower sea ice levels in September.