News / Spending spree on newbuild feeder vessels goes on

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South Korean flagship line HMM is said to have commissioned a dozen LNG dual-fuelled, 14,000 teu containerships from domestic shipyards.

While unconfirmed by the company, brokers said the ships, priced around $182.5m each, would be built by HD Hyundai, eight, and Hanwha Ocean, four.

HMM has set aside $17.5bn to double its container shipping fleet, to 1.5m teu, while tripling its bulk carrier/tanker fleet, by 2030.

Meanwhile, Andreas Martinos’s carrier, Minerva Dry, is to boost its feeder fleet, irdering four 3,000 teu vessels from Penglai Zhongbai Jinglu Ship Industry. Each is priced around $43m and slated for delivery in 2027.

The latest commissions take Minerva Dry’s orderbook to eight ships – Yangzijiang Shipbuilding and Huanghai Shipbuilding are each constructing two 1,800 teu vessels for the Greek shipowner.

While newcomer Chinese shipowner Anhui Zhongxin Funeng Shipping was reported by Linerlytica to have commissioned four 3,010 teu ships at Sumec Marine unit Dayang Offshore Equipment, Jiangsu Port Group’s shipping subsidiary, Jiangsu Ocean Shipping, has exercised options for two more 1,930 teu ships at CSSC Huangpu Wenchong Shipbuilding, after commissioning four similar vessels earlier this year. All the vessels will be delivered in 2027.

Chinese domestic operator Hunan Huahang Shipping has ordered two LNG-powered feeder ships at New Jiangzhou Shipbuilding. The first, an 854 teu unit, is designated to ply inland river routes, the other, at 476 teu, will move containers from rivers to the sea.

Strong regional container trades and the ageing feeder fleet are catalysing newbuild orders in this size segment. And with more liquidity in the market, shipowners and liner operators also have no difficulties in securing financing for their orders.

And MB Shipbrokers said more newbuildings were being negotiated.

“Looking ahead, we continue to see high levels of interest across all sizes, with multiple projects under negotiation at both Korean and Chinese yards. Additional firm orders are expected to materialize in the near term.”