EVERGREEN SWITCHES SHIPS, INVESTMENTS TO ITALY

   In a major change of strategy, the Evergreen group announced that it will switch investments and reflag up to 40 containerships from Panama to Italy.
    Taiwan-headquartered Evergreen has traditionally divided its assets and fleet between Taiwan, where its flagship affiliate Evergreen Marine Corp. is based, and Panama, where the Evergreen International S.A. holding company is based.
    Following its acquisition last year of Lloyd Triestino, the Italian shipping line, the Evergreen group will now reflag all the deepsea containerships of Evergreen International S.A. from the Panamanian flag to the Italian flag, said Chang Yung-fa, chairman of the Evergreen group.
    About 5 ships will be transferred every year to Evergreen’s new Italian base and they will be operated by Lloyd Triestino.
    Evergreen denied that it will receive a preferential tax treatment on the ships from the Italian authorities. Chang said that the group would lobby the Italian authorities for favorable vessel taxes once it has critical mass in Italy.
    In addition to the transfer of existing vessels, about half of the new ships to be built for the Evergreen group will be allocated to its Italian base.
    Panama-based Evergreen International S.A. will retain its interests in property, in container terminals and in the ownership of feeder containerships, the Evergreen group said.