Taiwanese liner operator Wan Hai Lines has purchased its eighth ship, since earmarking US$360 million to buy second-hand vessels, with the purchase of the Granville Bridge.
[s2If is_user_logged_in()]The company, an intra-Asia specialist, said in a filing to the Taiwan Stock Exchange on 1 February 2021 that it had purchased the 2006-built 5,342TEU Granville Bridge from the Panama-incorporated Mi-Das Line SA. The latter entity is the main vessel-owning entity for Japanese tonnage provider Doun Kisen.
Wan Hai paid US$18.5 million for Granville Bridge, which is coming off a long-term charter to Ocean Network Express.
In the last two months, Wan Hai has announced the purchases of seven vessels, while
Over the past year, Wan Hai has purchased 10 ships, including two 11,923TEU vessels from Pacific International Lines, spending in excess of US$420 million. The liner operator still has around US$168 million remaining from the budget disclosed on 7 December, meaning that more ship acquisitions could be made.
Wan Hai’s Singapore subsidiary, Wan Hai Lines (Singapore), handled the procurement, due to tax exemptions offered to major shipping enterprises in Singapore.
Wan Hai has also commissioned a dozen 3,013TEU newbuildings from Japan Marine United Corporation and Nihon Shipyard.
Improving market conditions have stimulated demand for container ships, both in the newbuilding and sales and purchase markets.
Amid the overheated freight market, Wan Hai achieved net profit of TW$1.81 billion (US$62.37 million) in the third quarter of 2020, up 176% from the year-ago period.
Martina Li
Asia Correspondent[/s2If]
[s2If !is_user_logged_in()]Please login or register to read the rest of the story[/s2If]
