(Yicai Global) Aug. 9 -- Hainan Strait Shipping Co. (HNSS) plans to invest USD71.9 million (CNY480 million) to build and put into operation two high-speed roll-on/roll-off passenger ships that will transport travelers and their cars from Haikou in Hainan province to Haian in Jiangsu province.

The vessels will be 76.8 meters long and 19 meters wide and have a capacity of 448 passengers and 51 automobiles and a top speed of 35 knots (about 64.82 kilometers per hour), HNSS said yesterday. The company intends to construct the ships in stages. The first and second ship will be launched in December 2018 and December 2020, respectively.

Once they are running, the two ships are expected to have an annual operating revenue of CNY147 million and a net profit of about CNY32.63 million, HNSS said.

Passenger and small vehicle traffic volume has increased rapidly in Hainan's Qiongzhou Strait in recent years, HNSS said. All currently offered aquatic transportation there uses a mixed loading model, taking on passengers, cars, buses and trucks, the company said. Since it takes at least three hours to cross the strait, market demand cannot be met.

In such an environment, HNSS specifically set up a project from November last year to develop high-speed roll-on/roll-off ships for carrying passengers and vehicles. Roll-on/roll-off passenger boats are developed from automobile ferries. Vehicles can be drive on an off under their own power, without the need for lifting equipment. This improves loading and unloading efficiency.