Tianjin-Inchon International Passenger & Cargo Shipping (more commonly known as Jinchon Ferry), which operates a passenger-and-container service between South Korea’s Incheon port, and China’s Tianjin port, has ordered a new container-carrying ro-ro ferry.
Commissioned for KRW63 billion (US$56 million) at China’s Huanghai Shipbuilding, the vessel is a replacement for Jinchon’s only vessel, the 1990-built Tian Ren, which was sold for scrap in July 2020. Jinchon had acquired Tian Ren second-hand in March 2000.
[s2If is_user_logged_in()]Expected to be delivered in July 2023, the newbuilding can handle 300TEU and 1,345 passengers. In comparison, Tian Ren accommodated 274TEU and 800 passengers.
In the meantime, Jinchon is using a chartered ship, the 716TEU Xin He Da, to transport containers between Incheon and Tianjin.
Passenger services have been halted since the Covid-19 pandemic struck in early 2020, but Jinchon is said to have received funding from a new shareholder, Chinese liner operator EAS International Shipping.
A Jinchon official said, “Goods transportation actually contributes most of our revenue, not passenger services. Shipping containers gives us 70% of our revenue so we can still survive even without passengers.”
EAS is said to have purchased an interest in Jinchon from the latter’s largest shareholder, China Tianjin International Economic & Technical Cooperation Group Corporation, a Chinese state-owned entity which had a 90% stake. Two South Korean companies, Union Transport and Union TLS, each hold 5%.
Martina Li
Asia Correspondent
[/s2If]
[s2If !is_user_logged_in()]Please login or register to read the rest of the story[/s2If]
