Yang Ming to Spread Roots in Asia
- Business & Finance
Taiwanese shipping company Yang Ming Marine Transport Corporation (Yang Ming) has unveiled its plans to expand throughout Asia.
The move comes on the back of the company’s third quarter 2017 profits and recapitalization campaign, in which it raised USD 343.4 million in public and private offerings.
Yang Ming said that the plans are consistent with Taiwan’s New Southbound Policy, a proposal of the government of Taiwan to develop and strengthen its role and ties to the economies in Southeast Asia, South Asia and Australia.
During a press conference on December 12, 2017, chaired by the Minister Ho Chen of the Ministry of Transportation and Communications, and co-attended by the Taiwan International Ports Corp. (TIPC), and Yang Ming, there was a consensus to develop Taiwan’s role in the shipping and logistics industries in Southeast Asia.
Additionally, the shipping company announced plans to upgrade its fleet capacity and efficiency, with the intention to replace vessels nearing off-hire and retirement with newer and more efficient vessels.
Starting with Southeast Asia, Yang Ming agreed a partnership with TIPC to jointly invest in container depot projects in Surabaya, Indonesia. Operations are expected to commence in the first quarter of 2018. Yang Ming also informed that it intends to expand its footprint in the rest of the Asia-Pacific region, including the China market.
The company will launch China-Vietnam Express (CVX) service on January 9, 2018, which will be jointly operated by Yang Ming, T.S. Lines and MCC Transport with a total of four container vessels of nominal 1000-TEU capacity.
Of the four vessels, one will be deployed by Yang Ming and the remaining three by TSL and MCC. The ports of call will be Shanghai, Ningbo, Hong Kong, Haiphong, Hong Kong, Qingdao, Shanghai, Hong Kong, Haiphong, Shanghai. A round trip will take 28 days.