TAIWAN: Yang Ming Marine Transport Corporation (Yang Ming) has unveiled its plans to expand throughout Asia.
The move comes on the back of the company’s third quarter 2017 profits and recapitalization campaign, in which it raised USD 343.4 million in public and private offerings.
Yang Ming said that the plans are consistent with Taiwan’s New Southbound Policy, a proposal of the Government of Taiwan to develop and strengthen its role and ties to the economies in Southeast Asia, South Asia and Australia.
Additionally, the shipping company announced plans to upgrade its fleet capacity and efficiency, with the intention to replace vessels nearing off-hire and retirement with newer and more efficient vessels.
Starting with Southeast Asia, Yang Ming agreed a partnership with TIPC to jointly invest in container depot projects in Surabaya, Indonesia. Operations are expected to commence in the first quarter of 2018. Yang Ming also informed that it intends to expand its footprint in the rest of the Asia-Pacific region, including the China market.