Business · 2026-10-14 · Afternoon briefing
BYD to double its shipping fleet as trade routes fray
BYD, the world's largest electric vehicle maker, will expand its fleet of car-carrying ships from eight to 18 by 2029. The move addresses a capacity shortage that has hampered its exports, exacerbated by conflicts in the Red Sea and Strait of Hormuz which have forced vessels onto longer, more expensive routes.
Daily charter rates for a 6,500-car carrier have nearly doubled since February to $95,000. The new carriers, built by China Merchants Industry, will each have capacity for 9,200 vehicles. Owning its own fleet could cut the cost to ship each car by as much as 40%, according to one industry estimate. With its overseas sales doubling year-on-year to 180,700 cars in September, the investment provides a logistical advantage in a market where Chinese firms control just 10% of global car-carrier capacity.
Summary written by Cup of News with AI from the sources below. Check the originals for the full story.
Read the sources
- BYD expands EV shipping fleet as wars upend freight costs and key trade routes
- Saudi Shipper Bahri to Double Fleet in Expansion, CEO Says
- Celebrity River Cruises will double fleet with ship order
- Saudi Shipper Bahri to Double Fleet in Expansion
Ten stories, twice a day. Calm, no notifications.
Get the appMore stories in this edition
- US inflation accelerates to 3.7% on soaring energy costs
- Moscow questions Trump's energy truce amid new Ukraine attacks
- EU seeks new trade weapons after China car deal
- Pope Leo XIV recovering after lung cancer surgery
- Sudan crisis: 24.6m face hunger as war and climate shocks converge
- Saudi Arabia overturns death sentence for Sri Lankan over Facebook post
- Japanese agriculture minister quits after one month amid scandal
- AI 'worms' may soon self-replicate on home devices, Anthropic warns
- Spring tornado and hailstorm flood Chilean capital