Evergreen Marine Secures $1.5 Billion Shipbuilding Contracts
Evergreen Marine has made a significant move in the shipping industry by approving contracts worth nearly $1.5 billion with two Chinese shipyards for the construction of 23 new vessels. The agreements, reported by the Journal of Commerce, are set to enhance Evergreen’s fleet as it aims to expand its operations in the coming years. The contracts include a major deal with CSSC Huangpu Wenchong Shipbuilding for 16 container ships and another with Jiangsu New Yangzi Shipbuilding for seven additional vessels.
Details of the Contracts
The first contract, valued between $736 million and $896 million, involves the construction of 16 container ships, each with a capacity of 3,100 TEU (twenty-foot equivalent units), at CSSC Huangpu Wenchong Shipbuilding. This substantial order reflects Evergreen’s commitment to modernizing its fleet and increasing its operational capacity. The second agreement with Jiangsu New Yangzi Shipbuilding encompasses seven vessels, each capable of carrying 5,900 TEU, with a contract value ranging from $469 million to $574 million.
While the company has not yet disclosed specific details regarding fuel specifications, delivery schedules, or deployment strategies for these new ships, industry experts anticipate that deliveries will commence in 2028 and extend into 2029. Evergreen has previously indicated plans to deploy 3,000 TEU vessels on Caribbean routes by 2030, hinting at a strategic alignment with these new orders. This latest round of contracts follows Evergreen’s earlier commitment of nearly $3 billion in November for 14 LNG-powered container ships, each with a capacity of 14,000 TEU.
Evergreen Expands Fleet with $1.47 Billion Order for New Container Ships
Impact on Evergreen’s Fleet and Global Shipping Landscape
With these new contracts, Evergreen Marine’s order backlog has surged to 926,000 TEU, bringing its total operating fleet and orderbook to nearly 2.85 million TEU. This positions Evergreen as the fifth-largest container line globally, according to Sea-web data, trailing behind Cosco Shipping Holdings and its affiliate OOCL, which collectively manage 4.2 million TEU in service and on order.
The recent agreements also contribute to the overall growth of the global container ship orderbook, which now stands at 1,275 vessels with a combined capacity of 11.5 million TEU. According to Clarksons, this figure represents over 34 percent of the existing fleet and is scheduled for delivery between 2026 and 2030. As Evergreen continues to expand its fleet, it plays a crucial role in shaping the future of the shipping industry amid increasing demand for container shipping services.
