Taiwanese government to back Yang Ming’s fleet expansion
Taiwan’s Transportation and Communications Minister Li Meng-yen said at a press conference on 30 July that with Yang Ming Marine Transport’s change of management, the government will support the mainline operator to commission more newbuildings to boost its fleet, Container News reported.
Li noted that Yang Ming had been less active in ordering newbuildings, resulting in the Taiwanese operator being relegated from eighth to 10th in the market rankings. The Taiwanese state, through the Ministry of Transportation and Communications and National Development Fund, is Yang Ming’s largest shareholder.
In May, after releasing Yang Ming’s 1Q 2024 results, the company’s then general manager, Patrick Tu, said the company would look into building 24,000 TEU ships, as it cannot keep depending on the capacity of its fellow THE Alliance members.
Except for Yang Ming, THE Alliance’s current members, Hapag-Lloyd, Ocean Network Express (ONE) and HMM all have 24,000 TEU ships. Hapag-Lloyd is set to leave the grouping to form Gemini Cooperation with Maersk Line in February 2025, threatening THE Alliance’s competitiveness.
Dr. Tsai Feng-ming, formerly a professor at National Taiwan Ocean University, and Yang Ming’s current chief strategy officer, Cliff Pai, on July 1 took over from Cheng Cheng-mount and Tu as the company’s chairman and GM.
In May 2023, Yang Ming ordered five LNG dual-fuelled 15,500 TEU ships at HD Hyundai Heavy Industries. The ships are expected to be delivered from 2026 and are the only newbuildings in Yang Ming’s books.
Li said: “Yang Ming’s former chairman, Cheng, turned around the originally sluggish business with a substantial increase in profits and accumulated many assets for the company. Now that the tasks have been completed, the new chairman Tsai will lead everyone to welcome new challenges.”
