Wan Hai buys eco-friendly newbuild quartet

Taiwanese shipping company Wan Hai Lines has acquired four 3,000 TEU containerships from compatriot shipbuilder CSBC Corporation.

The purchase was revealed in a stock exchange filing on August 12. The company said that it was paying $53~55 million for each vessel bringing the total value of the contract up to $220 million.

The shipyard decided to build the vessels by itself back in 2020 citing strong market conditions and the likely interest from owners amid bullish demand trends. The goal was to either lease or sell the ships once an opportunity arises.

Usually, shipbuilders start building new ships after they secure an order from a shipowner or a third party. Hence, it is rather rare for yards to build ships on their own.

The move seems to have paid off as liner companies are experiencing a shortage of tonnage at a time when shipyards have their slots filled with new orders pushing potential delivery dates for newbuilding orders to 2024 and 2025.

According to CSBC, the vessels are compliant with the latest Energy Efficiency Index (EEDI) requirements and have secured ABS smart notation from ABS classification society. They will also be fitted with scrubbers to meet the IMO sulphur cap, and ballast water treatment systems approved by the U.S. Coast Guard.

Furthermore, the main engine adopts an electronically controlled fuel-saving model, and it is compliant with the IMO Tier II nitrogen oxide (NOx) limits.

The vessels are expected to be delivered in 2023.

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Wan Hai has been on a fleet renewal mission over the past couple of years. Last year, the company ordered twelve 3,055 TEU and nine 13,000 TEU boxships which will also start delivery in 2023.