BYD adds international ship management business

BYD adds international ship management business

Recently, BYD Auto Industry Co., Ltd. has changed its business scope, adding international ship management business, non-vessel transport business, international shipping agent, port tally, port cargo handling activities.

Established in August 2006, with a registered capital of about 3.76 billion US dollars, BYD (H.K.) CO., LIMITED is jointly held by BYD (H.K.) Co., Limited and its legal representative and chairman is Wang Chuanfu.The latest financial report shows that BYD achieved net profit of 5.716 billion yuan in the third quarter of this year, with a year-on-year growth of 350.26%; The cumulative net profit in the first three quarters was 9.311 billion yuan, up 281.13% year on year.

In July, media reports said BYD spent 5 billion yuan at a shipyard in Yantai, Shandong province, to order eight ro-ro ships capable of carrying 7,700 vehicles. In November, BYD ordered the first two 7,000-space bifuel vehicle carriers at Guangship International, each costing about $90 million to $93 million and scheduled for delivery in 2025.

In the first eight months of this year, China exported 1.91 million vehicles, overtaking Germany and becoming the world's second largest auto exporter after Japan. However, with the increasing volume of exports, problems gradually surfaced. The most immediate impact of the rapid increase of automobile exports was the shortage of shipping capacity. New orders of automobile carriers had to wait, and freight rates began to rise.

Market analysts said that BYD's step by step penetration into the shipbuilding sector is not only for the transport of cars, but also hopes to advance into the shipping market, develop it into a branch business, form a sideline, and increase the tentacles of profit.

Shenzhen Xunlaitong specializes in shipping export from Shenzhen to Australia & New Zealand, Germany, Netherlands and more business

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