News / Cash-rich Yang Ming splashes out on three more chartered ships

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Yang Ming has terminated the charters of three containerships, opting to buy them barely three years into the 10-year agreement.

The Taiwanese mainline operator said on Saturday it would pay $297m to acquire the vessels, whose names were not disclosed.

However, Yang Ming said in its filing to the Taiwan Stock Exchange it was buying the ships from two Panama-incorporated entities, Cypress Maritime (Panama) and Paraiso Shipping,  and Singapore-based IS Container – all three understood to be controlled by the principals of ...