News / Yang Ming sets target for bigger box ship market share as fleet grows

Pictured from left at yesterday's ceremony: Cliff Pai; Tang Ta Hsing; Kevin Lee

Yang Ming has signalled a fight for market share, with chairman Chuck Tsai Feng-Ming targeting a 1% increase on the current 2.5% of container shipping by 2032.

The Taiwanese shipping line is also aiming to grow its fleet to 1.25m teu from 725,000 teu.

Dr Tsai was speaking yesterday, as retiring general manager Cliff Pai handed the reins to Kevin Lee after more than 40 years with Yang Ming.

For its fleet to reach 1.25m teu, Yang Ming will need to acquire or build another 297,000 teu of containerships, but it is on the way – the ninth largest liner operator has 17 ships, for 221,560 teu, on order at HD Hyundai Heavy Industries, Imabari Shipbuilding and Hanwha Ocean.

And the carrier is expected to order 20,000 teu ships, after Dr Tsai said last year the company would require such vessels, currently the only member of the Premier Alliance (which also includes HMM and ONE) that does not have ships of over this size. Dr Tsai said Yang Ming could not always rely on its partners’ vessels, as 20,000 teu ships are now the main workhorses of the Asia-Europe trade.

Dr Tsai became Yang Ming’s chairman in July 2024 and has been pushing for a gradual expansion of the fleet, following criticism of the company’s past conservatism.

Meanwhile, two of five 15,500 teu ships from HD-HHI were delivered last Friday. YM Willpower and YM Worthiness, will be deployed on an Asia-Mediterranean service.

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