Dongjin Shipping Expands Fleet with Chinese Orders
In a significant move, South Korea’s Dongjin Shipping has ventured beyond its domestic market to enhance its fleet. The Seoul-based feeder operator has placed an order with Yangzijiang Shipbuilding for three new vessels, marking its first newbuilds from a Chinese yard. This strategic decision, valued at approximately $70 million, reflects Dongjin’s commitment to modernizing its operations amid increasing demand in the intra-Asia shipping market.
Details of the Newbuild Order
Dongjin Shipping has contracted Yangzijiang Shipbuilding for three 1,100 TEU (Twenty-foot Equivalent Unit) vessels, with each ship priced at $23 million. The deliveries are scheduled to take place between 2027 and 2028. This order signifies a notable shift for Dongjin, which has traditionally relied on domestic shipyards such as Dae Sun and HD Hyundai Mipo for its fleet expansion.
The company primarily operates regional feeder services that connect South Korea with China and Japan, while also extending routes into Southeast Asia. The introduction of these new vessels is expected to enhance Dongjin’s competitive edge in the intra-Asia market. As demand for shipping services rises, carriers are increasingly focused on acquiring younger and more efficient ships to replace ageing fleets.
This strategic expansion not only positions Dongjin Shipping to better meet market demands but also reflects a broader trend among shipping companies seeking to modernize their fleets. By investing in newbuilds, Dongjin aims to solidify its presence in a competitive landscape where efficiency and reliability are paramount.
