BYD to expand car-carrier fleet to 18 ships by 2029

BYD will grow its own car-carrier fleet from eight to 18 ships by 2029, each able to carry about 9,200 vehicles. Owning ships could cut per-car shipping costs by up to 40% as freight rates surge amid wars in the Red Sea and near the Strait of Hormuz.

• BYD's fleet will grow from 8 to 18 ships by 2029, built by China Merchants Industry
• Each new carrier can hold about 9,200 cars
• Owning ships could cut per-car shipping costs by up to 40%
• Chartering a 6,500-car carrier now costs $95,000 a day, up from $50,000 in February