Yang Ming Expands Fleet with New Bulk Carriers
Taiwanese shipping company Yang Ming has made a significant move back into the newbuilding market. Through its bulk shipping division, Kuang Ming Shipping, the company has ordered four ultramax bulk carriers from Japanese shipyards. This decision, valued between NT$4.9 billion and NT$5.4 billion (approximately $155 million to $171 million), reflects Yang Ming’s confidence in the long-term demand for dry bulk shipping.
Details of the New Orders
The recent contracts include two ultramax vessels from Nihon Shipyard and Imabari Shipbuilding, with each ship priced between NT$1.2 billion and NT$1.4 billion. Additionally, Kuang Ming has partnered with Sumisho Marine to book two more ultramaxes from Oshima Shipbuilding at similar price points. While the exact delivery dates for these new vessels have not been announced, this marks a significant step for Kuang Ming, which currently operates a fleet of 11 bulk carriers. This fleet comprises 10 owned vessels ranging from ultramax to kamsarmax sizes, along with one long-term chartered capesize vessel.
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Kuang Ming Shipping, established in 1990, initially served as a booking agent for Yang Ming’s container operations. The company ventured into dry bulk shipping in 2008 as part of its strategy to diversify its operations. This latest order is particularly notable, as it represents Kuang Ming’s first newbuilding activity in nearly a decade. The last time the company placed orders for new vessels was between 2014 and 2015, when it commissioned four ultramaxes from Iwagi Zosen, with deliveries completed between 2016 and 2018.
