Taiwan operator Wan Hai lines has used its second-hand vessel fund of US$360 million to acquire five ships, including Teal Hunter, whose acquisition was announced on 7 December.
The other four ships comprise the 2009-built 6,350TEU Hyundai New York, which was acquired for US$32.5 million from Eastern Pacific Shipping and three 2009-built 7,241TEU ships—Anton Schulte, Adrian Schulte and Astrid Schulte—that were bought from Schulte Group for a total of US$107.22 million.
This year, Wan Hai has purchased 10 second-hand ships, including two 11,923TEU vessels from Pacific International Lines, spending nearly US$380 million. The liner operator still has around US$220 million remaining from the budget disclosed on 7 December, meaning that more ship acquisitions are expected.
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 been connected to the 2005-built 6,350TEU Partner Star, reportedly sold to Wan Hai for US$24.5 million, at a profit of nearly US$15 million to Costamare Shipping.
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. Cumulatively, the intra-Asia specialist had net profit of TW$3.59 billion (US$123.71 million), up 48% year-on-year.
Improving market conditions have stimulated demand for both chartered and second-hand vessels, with operators preferring to own ships and reduce chartering costs, as newbuildings take around two years to construct.
Martina Li
Asia Correspondent
