Report: Yang Ming plans to scrap 20 vessels, renew fleet

The Taiwanese ocean carrier recently received $343 million in debt-turned-investments from Taiwan International Port Corp., which is plans to inject into newbuilds or charters for the Southeast Asia trade lane, according to Splash 24/7.    Yang Ming plans to scrap 20 vessels and bring in new ships after state-backed Taiwan International Port Corp. (TIPC) converted $343 million of debt owed by Yang Ming into investment funds, according to a report from industry new outlet Splash 24/7.
   Twenty ships ranging from 3,000 TEUs to 8,000 TEUs in size will be scrapped and Yang Ming will then either build or charter new, larger vessels for the Southeast Asia trade lane, said Yang Ming Chairman Bronson Hsieh. TIPC is aiming to invest in Southeast Asian ports as well, said Splash 24/7.
   According to ocean carrier schedule and capacity database BlueWater Reporting, Yang Ming either operates or purchases slots on 75 services, 23 of which are in the intra-Asia trade lane. Furthermore, the ocean carrier currently has 565,756 TEUs deployed via 88 vessels.