News / Wan Hai wins contract to buy four box ships built on spec by CSBC

Wan-Hai-322 Credit VesselFinder.

Taiwanese liner operator Wan Hai has won a tender to acquire four 2,800 teu ships being built speculatively by compatriot shipbuilder CSBC Corp.

The carrier bid $53m-$55m for each ship.

In the hope of finding a buyer or long-term charterer, CSBC announced it would build the ships last August, scheduling them for completion in Q3 23. The shipbuilder had suffered losses from 2017-2020 and was tapping into the strong demand for container shipping in a bid to revive its fortunes.

CSBC invited 20 shipping companies to tender to either acquire the ships or commit to long-term charters, and ten shipping companies submitted bids.

Wan Hai said it bid because while it had a substantial number of newbuildings already under construction, it anticipated it would need more.

Since 2020, Wan Hai has set aside $1.88bn to  buy second-hand ships and newbuildings and has purchased 16 so far, as well as four 13,000 teu newbuilding contracts from Capital Maritime & Trading.

Wan Hai said the ships from CSBC could replace chartered ships and older, less fuel-efficient vessels.

Primarily an intra-Asia carrier, Wan Hai introduced standalone transpacific services to the US west coast a year ago, encouraged by firming rates on the long-haul lanes.

Wan Hai is now the 11th-largest liner operator, with capacity of 431,677 teu, including 285,107 teu from 101 owned ships, with another 56 vessels on charter.

Last year, Wan Hai took delivery of 11 newbuildings, adding 26,486 teu to its fleet, this year, 12 newbuilds are expected, adding a further 52,630 teu,  and another 29 are expected to be delivered by 2024, bringing Wan Hai’s owned shipping capacity to nearly 200,000 teu.