Taiwan’s Yang Ming to charter 4 containerships from Japanese shipowner Shoei

12, Apr. 2019

TAIPEI, NNA – Taiwan’s Yang Ming Marine Transport Corp. will charter four new vessels from Japanese shipowner Shoei Kisen Kaisha Ltd. to help the world’s eighth-largest containership company modernize its fleet in addition to the five it has already contracted.

Yang Ming’s move is to comply with the International Maritime Organization’s new regulation, effective next year, to limit the sulfur content in all marine fuels to 0.5 percent, which is aimed at lowering toxic emissions from fuel oil used to propel ships.

The two parties signed time-charter agreements for four 11,000-TEU (twenty-foot-long container) carriers on Wednesday, Yang Ming said in a statement. Financial terms were not disclosed in the release.

A total of fourteen 11,000-TEU containerships will be delivered to Yang Ming between 2020 and 2022.

The four new ships are scheduled to be delivered between January and September 2022, it said.

The company had already signed charter agreements for five 11,000-TEU containerships with Shoei Kisen and five more vessels with the same cargo capacity with Greek shipowner Costamare Inc.

The fuel-efficient vessels with modern designs will replace some of Yang Ming’s obsolete and high-maintenance ships, the company said in the statement.

Yang Ming is the second largest shipping logistics operator in Taiwan and eighth-ranked globally, with a freight capacity of 690,000 TEUs (twenty-foot equivalent units). The company said it had revenue of 141.83 billion New Taiwan dollars ($4.6 billion) in 2018, an 8.2 percent increase from the previous year.