China Navigation Co (CNCo) has made a move back into the newbuilding arena with an order for four 2,400-teu containerships estimated to be worth in excess of $100m.

The Singapore outfit confirms the order has been placed at China's CSSC Huangpu Wenchong Shipbuilding. The ships are due for delivery in late 2019 and early 2020.

CNCo says they will replace tonnage to be phased out by its liner division, Swire Shipping, which operates services connecting Australia, New Zealand, Asia, North America and the South Pacific islands.