Yang Ming to return charters to make way for newbuilds

Time: 2017-02-14 13:57
ONE of Taiwan's major shipping lines, Yang Ming Marine Transport, is to return a series of chartered ships as new mega containerships are set to join the fleet.
The shipping company said it will return 12 chartered containerships with capacity ranging from 4,500 TEU to 5,000 TEU to owners between 2018 and 2020, while it will take delivery of seven 14,000 TEU mega containerships from 2017 to 2019.
Yang Ming said the new ships, which have better operating efficacy, will further reduce the operating cost on long routes.
In late January, Yang Ming released a recapitalisation plan, which included a stock consolidation as well as the injection of fresh capital from unspecified new investors. The company said it expects "immediate benefits to its balance sheets" from the plan.
Yang Ming reported revenue of TWD31.45 billion (US$1.01b billion) for the fourth quarter of 2016, up 8.5 per cent year on year. The company said it is still facing operating challenges in the first quarter of 2017, according to Singapore's Splash24/7.
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