Bohai Ferry is planning to expand its fleet size to 19 ships by 2025 to maintain its position in the regional market, according to a company report.
Based on its mid- to long-term strategic plan, the Shanghai-listed company will bring another four to six ro-paxes and ro-ros into operation, some of them capable of carrying hazardous chemicals.
“We are seeking mergers and acquisitions to integrate ro-ro resources in Bohai Bay,” the report said. “We will continue to enhance our economies of scale and realise sustainable development.”
Bohai Ferry, which has 13 ships in operation, in October ordered two 2,700-lane-metre ro-paxes at Yantai CIMC Raffles for CNY 414m ($59.5m) with an option for two more.
The two firm vessels are due for delivery in June and September 2020.
In addition, it has a 2,000-passenger, 45,000-gt ro-pax under construction at Shandong Huanghai for delivery in September 2019.
“Our staff size will expand to approximately 2,300 people in 2020 as our fleet and operations expand, including 1,900 seafarers,” Bohai Ferry said.
“By 2025, the total number of employees will reach 3,400, including 3,000 serving at sea.”
While continuing to expand, the company has promised to maintain the health of its balance sheet. “Our debt-to-asset ratio will not exceed 50%,” Bohai Ferry said.
The company posted net profits of CNY 323.6m in January-September, compared with net profits of CNY 358.3m during the same period of 2017.
Total assets of Bohai Ferry amounted to CNY 4.84bn and liabilities to CNY 1.36bn as of 30 September.
