U-Ming Marine Transport, a Taiwan-based shipping company, is expanding its fleet with an investment of between $296 million to $312 million in six new cargo ships in China. This investment includes two large Newcastlemax ships and four Ultramax ships.
Details of the Investment in Newcastlemax Ships
The Newcastlemax ships, which weigh 211,000 tons, will be built at the Jiangsu Hantong Ship Heavy Industry factory. The price for each of these two ships is estimated to be between $77 million to $80 million, with a total cost of between $154 million to $160 million. This contract follows a previous agreement by U-Ming with the same factory in June of this year for the construction of two ships and two additional options.
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Fleet Expansion with Ultramax Ships
U-Ming has also ordered four Ultramax ships weighing 64,000 tons from the New Dayang Shipbuilding factory, which is controlled by Sumec Marine. The value of this contract is estimated to be between $142 million to $152 million, meaning a cost of between $35.5 million to $38 million for each ship. The first Ultramax ship is scheduled to be delivered in the fourth quarter of 2029, with the remaining three ships to be added to the fleet throughout 2030.
U-Ming's Fleet Expansion Plans
This investment is part of U-Ming's extensive expansion plan, which was approved earlier this year and includes four 210,000-ton cargo ships and four Ultramax ships. U-Ming is also continuously modernizing and expanding its core fleet in the dry cargo sector and is moving towards new sectors as well. Currently, the company also includes VLCC tankers, VLOCs, offshore wind vessels, and LNG ships.
U-Ming's fleet expansion clearly demonstrates that the company is striving to enhance its competitiveness in the global shipping market by increasing its capacity and responding to the growing needs of the maritime transport industry.
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