News / Appetite for box ship newbuildings not jaded by IMO net-zero failure

The delay to the IMO’s Net-Zero Framework has not deterred new ship orders, with new commissions from liner operators and tonnage providers pushing orderbooks to levels not seen since 2009.

Taiwanese mainline operator Yang Ming has put pen to paper for six 8,000 teu methanol dual-fuelled ships at Imabari Shipbuilding and its subsidiary Nihon Shipyard, priced at $117m-$131m each and scheduled for delivery in 2028.

Also today, Yang Ming said it had ordered 35,700 new containers from China International Marine Containers, for $84m.

The vessels are among 13 new ships the carrier announced as part of its fleet renewal plan; the other seven are 15,000 teu units commissioned at Hanwha Ocean.

Yang Ming said: “Upon delivery, the new vessels will gradually replace Yang Ming’s 5,500 teu containerships that have been in service for over 20 years.”

Meanwhile, Greek shipowner Petros Pappas has returned to the box ship segment with orders for a 3,100 teu pair at Zhoushan Changhong  at $47m each, due to be delivered between 2027 and 2028.

Petros Pappas was last involved with the box ship sector through Oceanbulk Container Carriers, which he co-owned with US investment giant Oaktree Capital Management. Oceanbulk focused on vessels of 10,000 to 11,000 teu and at its height, had s fleet of 15. However, amid poor returns from the market at the time, some were sold and newer vessels converted to bulk carriers.

Monaco-based tonnage provider Transocean Maritime Agencies, primarily active in the dry bulk and tanker segments, is growing its presence in container shipping with orders for 3,100 teu ships at New Dayang Shipbuilding, adding to two 1,900 teu ships ordered earlier this year at CSSC Huangpu Wenchong.

The orders at New Dayang will cost $45m each and will be built in 2028.

German tonnage provider Peter Doehle has commissioned four 2,900 teu ships at CSSC Huangpu Wenchong, at $47m each, to be delivered in 2028. The operator now has 13 containerships on order, including four of 14,170 teu ships at Hudong-Zhonghua and five 8,400 teu vessels at Guangzhou.

On 17 October, after pressure from US president Donald Trump, who threatened to impose sanctions and visa restrictions on countries that voted for the International Maritime Organization’s Net-Zero Framework, the initiative failed to gain the required two-thirds majority.

Many Asian countries were also against adopting carbon pricing on shipping alongside the US, China and Russia and other major oil exporting nations. Singapore was the only Asian country to vote against the motion to adjourn while Japan and South Korea abstained.

Linerlytica said in its report this week: “The delay (of the Net-Zero Framework) won’t affect the appetite for new containerships, with fresh orders still emerging in the last two weeks and even more still to come in the coming weeks as carriers push ahead with their newbuilding plans with the orderbook ratio surpassing 33% for the first time since 2009.”