Yang Ming Marine Lines approved a plan to issue $150-180 million in convertible bonds overseas to finance the purchase of nine new container ships. Yang Ming said it plans to buy seven ships, each with a capacity of 1,500 teu, to ply its its Asian lines, and two 5,500-teu ships for its transoceanic routes. "The company feels that shipbuilding costs are still at low levels and the shipping market is in an upturn, which fits with our plans to strengthen our regional and transoceanic fleets," Yang Ming's said in a statement. Yang Ming said the nine ships represented a record order for the shipper, which purchased five 5,500-teu containerships in 1998.
Taiwan's second largest shipping firm Yang Ming Marine said on Tuesday its net profit in 1999 reached T$1.675 billion ($55.3 million) The company's 1999 sales totaled T$45.168 billion ($1.5 billion), Yang Ming said in a statement. It gave no comparative figures for 1998. Yang Ming's board of directors had agreed to offer dividends of T$1 per share to stockholders. The dividend included T$0.4 in cash and T$0.6 in stock
Yang Ming, the second largest shipping company in with a total fleet of 91 vessels representing 4.1 million-DWT of which container vessels are the main service, though 10 bulk carriers are also in operation. Yang Ming transports more than 3.1 Million TEUS per annum; a result which places them in the top 5 container lines in the world. The signing ceremony took place through the representation of Key Stake Holders from Yang
Taiwan's Yang Ming Marine Transport Corp., the island's largest shipping firm in terms of revenues, said on Thursday it made sales of T$3.75 billion in May, down 1.37 percent from the same month in 2000. That brought accumulated sales in the January-May period to T$19.85 billion, a 5.17 percent rise from the corresponding period last year. May sales were down 13.8 percent from T$4.35 billion in April. - (Reuters)
At the invitation of China Steel Corp. (CSC) and Yang Ming Marine Transport Corp., Wan Hai Lines Ltd. has shown its willingness to enter into a consortium led by CSC to invest in the state-run China Shipbuilding Corp., which has decided to go private through public bidding, according to a report on Taiwan Headlines. China Shipbuilding estimated it would sell a 51 percent up to 66 percent stake to become a privately owned firm
Seaspan Corporation has announced that it has, further to a previously announced binding letter of intent, signed long-term, fixed-rate time charter contracts with Yang Ming Marine Transport Corp. for five 140,00 TEU class newbuilding containerships. Concurrent with the signing of the time charter contracts and further to a previously announced commitment, Seaspan has entered into shipbuilding contracts with CSBC Corporation Taiwan for these five 14,000 TEU class containerships
Manila's International Container Terminal Services Inc's (ICTSI), troubled venture in Portland, Oregon, faces more difficulties as its big customer, Hanjin Shipping, is pondering whether to leave the port for either Tacoma or Seattle, according to the 'China Logistics Portal'. Portland has been plagued with labour problems, resulting in on-again off-again work slowdowns, which came from conflicting undertakings given to two unions over which union would supply reefer box monitors.
China Ocean Shipping Corporation (COSCO) Container Lines has launched a weekly shipping service from Shanghai to Japan and the U.S. east coast. Operated jointly by COSCO, Japan's Kawasaki Kisen Kaisha Ltd. and Yang Ming Lines of Taiwan, the service will shorten travel time between Hong Kong and New York from 33 days to 26 days and went into operation on Monday, officials said. The route starts in Shanghai with stops at Yantian, in south China's Guangdong province, Hong Kong, and the U.S
Hong Kong based SpecTec Asia Pacific East Ltd has entered into an agreement to supply SpecTec AMOS software and related services to Kuang Ming Shipping Corp. head office and its 14 bulk cargo ships. Kuang Ming Shipping Corp. was established in May 1990 in Taiwan. In the beginning, the Company acted as the booking agent to handle the import and export of container shipments for Yang Ming Line in Taiwan. In November 1999
The owners and operators of the foreign-flagged container vessel Med Taipei have agreed to pay $3.25m to the United States to resolve allegations that the 15 containers lost overboard in 2004 resulted in long-term damage to the Monterey Bay National Marine Sanctuary (MBNMS), the Department of Justice and the Department of Commerce announced on July 25. The settlement in behalf of MBNMS, located off the coast of California, and the owners and operators of the vessel – All Oceans Transportation
Nautilus Holdings Ltd, a Bermuda-chartered company that leases containerships, has filed for Chapter 11 bankruptcy protection in New York, becoming the latest victim of a depressed shipping industry. The company has about $770 million in debt, according to papers filed late Monday with the U.S
China's top diplomat scolded Vietnamese officials during talks in Hanoi on Wednesday for "hyping up" a row over a Chinese oil rig drilling in disputed waters in the South China Sea, in tough comments that suggest relations will remain rocky.
Cargo growth on intra-Asia routes is attracting deep-sea carriers due to the availability of cheap charter vessels and economies of scale between China and SE Asia, but regional players also know how to form defensive alliances, reports Drewry Maritime Research in its latest 'Container Insight
The Los Angeles Board of Harbor Commissioners informs it has approved a US$938.8-million fiscal year (FY) annual budget for the Port of Los Angeles. Nearly $350 million (37 percent) of the approved budget will go toward capital expenditures to help the Port maintain its global competitive position
The Port of Felixstowe has welcomed the first call at the UK’s largest container port of Evergreen’s CES (China Europe Shuttle) service. The 8,452 TEU Ever Laden launched the service from the Port of Britain in late May. The CES Service links North Europe to Asia with calls in Taiwan
Evergreen Line inform they have notified their vessel sharing partners NYK, Hanjin, and Yang Ming Line to terminate its Vessel Sharing Agreement (VSA) on the ANS USEC-Caucedo-Brazil service in April 2014. The last vessel to be completing a round trip voyage will be Conti Harmony 019S/N
The P3 agreement between Maersk, MSC, and CGM CMA continues to roil the waters. While the agreement’s pros-and cons are about to be scrutinized in an upcoming meeting between America’s Federal Maritime Commission, the European Competition Commission
Drewry’s weekly container insight report shows exits from the transatlantic and Asia-Black Sea trades demonstrate how Hanjin is prioritizing financial repair over global coverage. Drewry said cash-strapped Hanjin Shipping has recently announced to its customers that it will be leaving two
Taiwan's CSBC Corp. inked a deal to build two 1,800 teu containerships for Iseaco Holdings of Singapore. The ships were reportedly ordered at a price of $25 million each. Delivery is expectedfor Iseaco’s YL Singapore Shipping and YL Colombo Shipping during the first quarter of
American rescuers and a Chinese seafarer have been presented with the International Maritime Organization (IMO) Award for Exceptional Bravery at Sea 2013, during a special ceremony held on November 25, 2013 at IMO Headquarters in London.
Bunker fuel sales at China's Shenzhen port have dropped by around 20% since the beginning of this year as more ships are calling at the Russian Far Eastern ports to buy bunker fuel with prices there $100-150/mt lower than in Shenzhen, according to trade and industry sources cited by Platts.
Ship-level and container-level reliability Key Performance Indicators (KPIs) decreased in the second quarter of 2013, according to Drewry’s quarterly report Carrier Performance Insight, just published. Despite improvements in East-West trade reliability
$122 Million Project Would Expand Facility, Extend Lease Agreement The Port of Los Angeles is initiating the environmental review process on a proposed berth-improvement project by Yang Ming, a Taiwanese marine transport company at the Port
The 2013 IMO Award for Exceptional Bravery at Sea will be awarded to two rescue swimmers from the United States of America, for saving the lives of 14 crew members from the tall ship HMS Bounty, and, posthumously, to a seafarer from China who died trying to save the life of a ferry passenger.
Innocap, Inc. has received an agreement with a company based in the Republic of the Philippines under which Innocap agrees to organize, plan and supervise then will begin recovery efforts of a shipwreck located off the coast of the Philippines