Wan Hai Lines has taken a big step towards reducing excess fleet capacity by selling 10 old vessels for recycling including four 1,088 TEU vessels and six 1,368 TEU vessels.
Taiwan's Wan Hai shipping line is selling 10 old ships for scrap and is inviting buyers to submit bids on Friday (December 16).
Loadstar was informed that Wan Hai was selling four ships of 1,088 TEU (type 160) built between 1996 and 1998, including Wan Hai 161, 162, 163 and 165. In addition, there were six ships of 1,368 TEU (type 200), built in 1994, includes Wan Hai 215, 216, 221, 222, 223 and 225. They are the oldest of the 112 fleet owned by Wan Hai.
Selected buyers must ship these ships to eco-friendly ship recycling yards that meet Wan Hai's ESG requirements.
Wan Hai, now the 11th largest shipping operator, has planned to replace its old ships in 2020 and has ordered 24 3,000 TEU vessels from Japanese shipyards. The carrier has also purchased a number of old ships.
However, the Covid-19 pandemic has caused severe logistical congestion around the world and severe capacity shortages, Wan Hai has delayed plans to demolish its old ships to provide customers with enough shipping space.
VesselsValue estimates the total value of the scrapped ships at around $43 million.
Wan Hai's removal of these scrap ships coincided with a decline in profits and cargo volumes in the container sector. Its third-quarter net profit fell 37% year-over-year to $718.3 million. Though revenue was strong in the first six months of the year with January-September cumulative net profit up 34% year-over-year, at $3 billion.
General manager Tommy Hsieh forecasts Wan Hai will continue to struggle this year, as half of the contracts with US customers are signed on a long-term basis and are protected by flat rates.
In September, Thai shipping line Regional Container Lines (RCL) broke a nine-month container ship demolition drought when it sold the 1,248 TEU Mathu Bhum ship built in 1990 for recycling.
There are about 5,600 container ships, with a total capacity of 25.5 million TEUs, in the active fleet. Of these, there are 77 ships, with a capacity of 121,671 TEUs, aged at least 30 years, while there are 347 with 533,478 TEUs aged between 25-29 and 678 vessels of 1.85 million TEUs aged 20- 24.
On the afternoon of October 1, at the meeting on the socio-economic situation in the first 9 months of 2024, the Department of Planning and Investment of Ho Chi Minh City said that many economic indicators have grown steadily. Notably, export turnover is on a recovery trend and has grown.
In the first eight months of 2024, Vietnam earned nearly VND 4 trillion from tea exports, surpassing the total export revenue of last year.
Australia has made another stride in its agriculture sector by announcing an agreement to export plums to Vietnam in the near future, in addition to the current exports of peaches and nectarines. This project is part of a two-way agricultural market access agreement aimed at providing Australian plums to Vietnam and Vietnamese passion fruit to Australia.
It has been 9 years since Glotrans Da Nang was established. Nearly a decade has passed by since its foundation in the Middle part of Vietnam, and Glotrans Da Nang has made significant strides and achieved remarkable milestones with modern office facilities
On November 14, 2024, the forum "Da Nang Free Trade Zone – A New Driving Force for the Development of the City’s Logistics Industry" successfully took place, attracting dozens of domestic and international enterprises.
On the morning of November 2, 2024, in response to an invitation from the Board of Directors of FPT University Can Tho, Glotrans HCM joined the 2024 Job Fair and Enterprise Connection Day to network with the university’s leaders and interact with the attending students.
