Taiwanese liner operator Wan Hai Lines has purchased its sixth and seventh ship since earmarking US$360 million to buy second-hand vessels.
[s2If is_user_logged_in()]The intra-Asia specialist, announced on 29 December and 31 December 2020 that it had purchased the 2006-built 6,350TEU MOL Pace from IS Container Pte Ltd of Singapore for US$26.6 million and the same-size 2005-built Partner Star from Neda Shipping Corporation. IS Container is owned by Imabari Shipbuilding, Century Tokyo Leasing Corporation and Japanese insurer Sompo Holdings.
In early December 2020, brokers had linked Wan Hai to the Evergreen-chartered Partner Star, and the company confirmed on 31 December, that it paid US$24.75 million for the ship, meaning that the vessel owner, reportedly Costamare Shipping, made a profit of nearly US$16 million.
The latest dip into the second-hand market has seen Wan Hai purchase Teal Hunter, Hyundai New York, Anton Schulte, Adrian Schulte and Astrid Schulte.
This year, Wan Hai has purchased a dozen second-hand 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.
Improving market conditions have stimulated demand for container ships, both in the chartering and sales and purchase markets. Liner operators have turned to pre-owned ships to reduce chartering costs.
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Martina Li
Asia Correspondent
