Yang Ming Announces Subsidiary in Thailand
Yang Ming Marine Transport Corporation will establish a subsidiary in Thailand - Yang Ming Line (Thailand) Co., Ltd. The new company will provide all services starting 1st January 2018. Mr. Derek Chen is officially appointed as its President. Thailand is located in a strategical position in the middle of Southeast Asia with strong links to neighboring countries, whose economy has been growing steadily over the years. It is expected to see more rapid expansion of the market in the near future.
Port of Tacoma Celebrate Opening of Olympic Container Terminal
The Port of Tacoma celebrated its third major container terminal grand opening of 2005. For officials of Taiwan-based Yang Ming Marine Transport Corporation, the Port and more than 200 guests, the event was highlighted by a traditional Lion Dance, meant to bestow good fortune at the new Olympic Container Terminal. The newly renovated, 54-acre (21.6-hectare) Olympic Container Terminal (OCT) is located on the Port's deep-water Sitcum Waterway, adjacent to the on-dock North Intermodal Yard and just a few miles from Interstate 5 and other major highways. "As the gateway to the Pacific Northwest, the Port of Tacoma is ideal for Yang Ming Line," said Spring C.C. Wu, President of Yang Ming (America) Corporation.
Wilhelmsen Ships Contract, Yang Ming Lines
Wilhelmsen Ships Service has secured a two-year contract to supply chemicals and gases to Yang Ming Lines, in a deal valued at around $1m. The contract which was secured by Wilhelmsen Ships Service’s office in Taiwan will commence in early 2010. The company will supply marine chemicals, oxygen and acetylene gases, refrigerants and other gases at key ports including Shanghai, Taiwan, Singapore and Hong Kong. “We are very pleased to have gained this valuable contract with Yang Ming Lines” commented Fanyi Lu, Wilhelmsen Ships Service’s account manager in Taipei. Yang Ming operates a fleet of 94 vessels with a 4.0-million-D.W.T, mainly container ships as well as 10 bulk carriers. The company transports more than 2.4 million TEUS (Twenty Feet Equivalent Units) a year.
Five Shipping Lines Agree to Form Alliance
Through its U.S. General Agent, Solar International Shipping, Yang Ming Line announced that five major Asian steamship lines have agreed to form one of the largest cooperative international sea container transport efforts among steamship lines. The new alliance for a cooperative worldwide network will consist of: COSCO Container Lines Ltd., Kawasaki Kisen Kaisha, Ltd. (K-Line), Yang Ming Marine Transport, Hanjin Shipping Co., Ltd., and Senator Lines GmbH. Management for the group agree that the only way to provide the best possible service to customers in the container shipping industry is by means of optimization of each carrier?s assets and rationalization of their serivces on a global basis.
Evergreen Line to Terminate a Vessel Sharing Agreement
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 (ETA Norfolk, VA Apr/10, May/22 2014).
Virginia Port Update on Handling of Hanjin, CKYHE Cargo
In light of the recent bankruptcy filing by Hanjin Shipping, The Port of Virginia has updated its policies and processes regarding the movement and loading of Hanjin vessels and containers. The following policy is effective as of Sept. Line onto a Hanjin vessel. Line vessels. These restrictions were requested by Cosco Container Lines, "K" Line, Yang Ming Line and Evergreen Line, which with Hanjin, compose the CKYHE shipping alliance. After careful consideration, the port agreed today to comply with the request. Beginning Aug.
COSCO Launches New Shipping Service
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. cities of New York, Norfolk, Virginia, Charleston, South Carolina, and Japan's Tokyo and Kobe, they said. Nine ships, each with a capacity of 3,400 teu, will reportedly be used on the route.
Danaos Corp. Cancels Three Newbuildings
Danaos Corporation (NYSE: DAC) announced that it has entered into an agreement with Hanjin Heavy Industries & Construction Co. Ltd. to cancel three 6,500 TEU newbuilding containerships, initially expected to be delivered in the first half of 2012. The agreement has been reached with the consent of Yang Ming Line who was the charterer of these vessels. Danaos is building another six large containerships with Hanjin Heavy Industries and Construction Co. Ltd. all of which are fully funded by already committed loan facilities from various commercial banks. The cancellation forms part of an overall plan to address the total capex funding needs.
Yang Ming To Purchase Nine Containerships
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.
Yang Ming Agrees to Pay Cuts
Yang Ming Marine Transport Corp management team has agreed to take steep pay cuts to weather a downturn in the global cargo shipping sector that has strained the company’s earnings. According to a report in Taipei Times, the company’s board of directors approved a plan to cut the salaries of first line managers by 30 percent, while executives’ pay is to be reduced by 50 percent. The pay cuts are estimated to yield annual cost savings of about NT$30 million (US$953,349), Yang Ming said in a statement.
Evergreen, Yang Ming Downgraded
U.S. investment bank Salomon Smith Barney downgraded Taiwan's Evergreen Marine Corp. to underperform from neutral and Yang Ming Marine Transport Corp. to underperform from outperform. Salomon, in a September 19 research note seen by Reuters on Thursday, said it was lowering earnings expectations and ratings for Evergreen and Yang Ming. Salomon set a T$16 target price for Evergreen, the world's largest shipping company, and T$10 for Yang Ming, Taiwan's second largest shipping firm. On Thursday, Evergreen shares ended up T$0.3 at T$18.6, Yang Ming shares were up T$0.3 at T$12.4. Salomon said the main weakness for Evergreen, the flagship of the Evergreen Group, lies in its complex organization, while Yang Ming's core earnings are a major concern.
Yang Ming Makes Exec Changes
Taiwan's second largest shipping firm, Yang Ming Marine Transport Corp. said its board decided to let chairman T.H. Chen serve concurrently as company president. The board appointed former president Frank Lu to be the firm's chief adviser, Yang Ming said in a statement. Lu left Yang Ming to be chairman of Taiwan Navigation Co., it said. The two shipping firms were formerly state-owned companies and were privatized in recent years.
Seaspan Acquires First 14000 TEU Boxship
Seaspan Corporation has accepted delivery of a 14000 TEU containership, the Yang Ming Wish. The new containership, which was constructed at Hyundai Heavy Industries Co., Ltd., is Seaspan's first 14000 TEU SAVER design containership and second delivery in 2015. The Yang Ming Wish will commence a ten-year, fixed-rate time charter with Yang Ming Marine Transport Corp. ("Yang Ming"). Yang Ming may extend the charter for up to an additional two years. The ship is the first of a total of eight 14000 TEU SAVER design vessels to be chartered by Seaspan to Yang Ming.
Yang Ming to Float 500 mln Shares
The Taiwanese ocean carrier Yang Ming Marine Transport will make a public offering of 500 million shares as part of the company's ongoing recapitalization plan, the Taiwanese ocean carrier said in a statement . It will offer the shares to existing shareholders, Yang Ming employees and the general public as part of the company's ongoing recapitalization plan. "As the subsequent round of private offering continues with amounts pledged exceeding the first round, the Board of Directors of Yang Ming on July 14…
Yang Ming Chooses SpecTec
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. Ming’s Marine Department and its IT & Business processing group: Wen Jen Chen – Executive Officer, Steven Tsao – Senior Vice President and Peter Chang - Assistant Vice President. SpecTec were represented by Ben Fan, Lum Pui lam and James de Vroome. In recognition of this occasion a plaque was presented…
Port of L.A. Review Proposed Yang Ming Terminal Improvements
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 start of the environmental process, which is expected to formally begin this fall with a Notice of Preparation, is the first step in Yang Ming's plan to enhance its terminal facilities and deepen its berth to accommodate 14,000 Twenty Foot Equivalent (TEU) vessels and increase cargo volume. In May, executives from Yang Ming and the Port of Los Angeles signed a term sheet agreement at Chi-Du…
Bronson Hsieh Leaves Evergreen to Head Yang Ming
Evergreen Group vice chairman Bronson Hsieh has been appointed chairman of rival Taiwan carrier Yang Ming Marine. Yang Ming Marine Transport, the nation’s second-largest container shipper in terms of fleet size, approved Hsieh’s appointment, reports said. Hsieh worked at Evergreen Group for more than 40 years before stepping down from his position earlier this year. Hsieh replaces Frank Lu, who has served as chairman of the shipping line since 2003. Hsieh lost his role at Evergreen in March during a succession battle between the two sons of the late chairman of the Taiwanese company…
Kuang Ming Shipping selects AMOS
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 Company bought two container ships to launch the Intra-Asia liner service.
LISCR Recognizes Liberian Registry Initiatives
The advisory board of the Liberian International Ship & Corporate Registry applauds the initiatives taken by the Liberian Registry in connection with improving security in the international shipping industry. security. The board is led by Rex Harrington, General Maritime Corporation. The other members are Yukio Aso, Sanko Steamship; Ulf Bertheau, of Cyrus Makowski; Harry Gilbert, Wallem Group; Huang Shao Jie, Hong Kong Ming Wah Shipping; David C H Liu, Yang Ming Line, and Robert D Somerville, American Bureau of Shipping. Rex Harrington said, "The registry has given an important lead to the industry. Security (ISPS) Code. onboard verification surveys/audits as mandated by the ISPS Code. security preparedness and capability. well as a model ship security plan template. troubled times.
Yang Ming Halts Container Service to Iran
Taiwan’s troubled Yang Ming Marine Transport Corp is halting its container service to Iran, becoming the first foreign shipping line to abandon the route a year after international sanctions on Tehran were lifted, Reuters reported. Yang Ming announced in a regulatory filing it had suspended its share trading until May 4 in an effort to reduce losses from a global downturn in shipping. Yang Ming, the world’s ninth largest container shipping line, is a comparatively small player in Iran, calling there just once a week. Several larger shipping lines have begun serving Iran since sanctions were lifted a year ago. An executive with Keelung-headquartered Yang Ming said the firm had “ceased direct services to Iran on concerns of rising tensions there”.
New Evergreen Service Link China, Australia and Taiwan
Evergreen Line, Pacific International Lines, Sinotrans and Yang Ming have announced cooperation in the China, Taiwan, and Australia trade commencing from Ningbo on June 7, 2013. The China-Australia-Taiwan (CAT) service will be operated with six vessels of 4,250 TEU. Evergreen Line and Yang Ming will be contributing two vessels each while Pacific International Lines and Sinotrans providing one vessel each. The vessels will be calling at the following ports on a weekly basis: Ningbo, Shanghai, Shekou, Kaohsiung, Sydney, Melbourne, Brisbane, Kaohsiung and Ningbo. The four ocean carriers look forward to enhancing the quality of their services provided through this new loop. www.evergreen-line.com
Yang Ming Profit Hits $55M
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. The proposal still needs final approval from the company's shareholders' meeting scheduled for June 3. The statement said the board also approved to issue T$3 billion in unsecured corporate bonds to raise operating funds.
CP Ships Reaches Grand Alliance
CP Ships and its partners in the Grand Alliance have reached agreement with Cosco, K Line and Yang Ming to form the Atlantic Space Charter Agreement. As a result of the agreement, which is subject to regulatory review both in the U.S. and EU, one weekly string of five ships with 2,000-teu capacity will be withdrawn by Cosco, K Line and Yang Ming; the agreement is expected to be activated sometime during the second quarter. CP Ships is represented in the agreement by its Lykes Lines and TMM Lines brands. Since October 2000 it has been operating five joint weekly services in the US East Coast/Gulf-North Europe trades with the Grand Alliance.