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Tuesday, August 16, 2022

U-Ming’s New Post Panamax Bulk Carrier Christened

Maritime Activity Reports, Inc.

July 12, 2022

Douglas Hsu, chairman of Far Eastern Group; Tracy Tsai Wang, Sponsor; CK Ong; and 
CK Ong, President of U-Ming Marine Transport Corporation. (Photo: U-Ming Marine Transport Corporation)

Douglas Hsu, chairman of Far Eastern Group; Tracy Tsai Wang, Sponsor; CK Ong; and CK Ong, President of U-Ming Marine Transport Corporation. (Photo: U-Ming Marine Transport Corporation)

A christening ceremony at Oshima Shipbuilding yard in Japan was recently held by U-Ming Marine Transport Corporation (TSEC code: 2606 – one of nine public-listed companies of the Far Eastern Group) for its new built 99,990 DWT Post Panamax Bulk Carrier M.V. Cemtex Dominance.

The event was hosted by Mr. Douglas Hsu, Chairman of the Far Eastern Group on July 12, 2022, with attendance of Mrs. Tracy Tsai Wang, who christened the vessel and also many business associates and distinguished guests.

Measuring 235m in length and 40m in width, M.V. Cemtex Dominance is U-Ming’s second new built vessel among the 99,990 DWT Post Panamax series, which is designed and built for U-Ming by Oshima Shipbuilding Co., Ltd. Demonstrating U-Ming’s commitment to building a greener fleet, its increased ship size and the narrow streamline design of the bridge reducing wind resistance improve the vessel’s overall fuel efficiency and competitiveness.

Given the upcoming IMO regulations such as Energy Efficiency Existing Ship Index (EEXI) and the Carbon Intensity Indicator (CII) in January 2023, ships which fail to meet the above standard would face Engine Power Limitation (EPL) or be forced to conduct slow steaming. This accelerates the decommissioning of old ships. In addition, global shipyards’ capacity for new dry bulk carriers has been historically low recently. U-Ming’s new delivered eco-ships since 2014 will definitely show their competitiveness in light of the minimal supply.

Due to the impact of the COVID restrictions and the continuing Russia-Ukraine War, many countries worldwide are looking for alternate sources to secure their internal supply, thus changing the global supply chains and pushing up freight rates. U-Ming was optimistic that the demand in dry bulk market would continue to grow back in 2020, and therefore seized the opportunity to order 12 new eco-friendly bulk carriers and one cement carrier - incurring a total capital expenditure of $650 million. This also represents an at least 20% total savings achieved as compared to vessels’ current market price. These new vessels are expected to be delivered through 2022 to 2024 which will indeed boost U-Ming’s performance and enable it to achieve further success.

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