Yang Ming Forms Overseas JV with Compatriots

Taiwanese shipping company Yang Ming has signed a Memorandum of Understanding (MoU) with compatriot shipping and port industry companies to establish an overseas joint venture company.

The consortium includes Taiwan International Ports Corporation, Tungya Transportation & Terminal, Taiwan Navigation, T.S. Lines and Chunghwa Post, Yang Ming said in a regulatory filing. Further details on the business were not disclosed.

The announcement comes as Yang Ming launches its fleet renewal plan which will see 20 ships added to the company’s fleet, replacing the vessels which are about to be off-hired or retired in the next 2 to 3 years.

The first ten 11,000 TEU boxships from the batch have already been ordered by Costamare and Shoei Kisen at Jiangsu New Yangzijiang Shipbuilding and Shoei’s sister company Imabari Shipbuilding, respectively, Clarksons Platou Shipbroking said.

These ships will be chartered by Yang Ming once they start their deliveries in 2020. Furthermore, Yang Ming plans to order the construction of ten 2,800 TEU containerships.

World Maritime News Staff