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Home News Wan Hai acquires Capital Maritime’s newbuilding quartet

Wan Hai acquires Capital Maritime’s newbuilding quartet

Wan Hai Lines announced on 14 May that it will purchase four 13,100TEU ships that Capital Maritime & Trading originally commissioned at Samsung Heavy Industries in February.

In a Taiwan Stock Exchange filing, the liner operator did not refer to Capital Maritime, but said the original owners are the Marshall Islands-incorporated entities, Chania Container Carriers, Rethymno Container Carriers, Irakleio Container Carriers and Mani Container Carriers. Vessel databases indicate these entities are controlled by Capital Maritime and that the ships are scheduled for delivery in early 2023.

Wan Hai said it expects to pay TW$12.41 billion (US$445.6 million) to take over the newbuilding contracts. With shipyards running out of slots for 2023 deliveries, it is likely that Wan Hai decided to go for newbuilding resales.

VesselsValue indicates that Capital Maritime paid US$103.5 million for each of the original newbuilding orders, meaning that the Evangelos Marinakis-controlled outfit would be making a total profit of US$31.6 million from the resale.

The Taiwanese carrier, primarily an intra-Asia specialist, made the announcement just days after announcing more newbuilding acquisitions, placing an initial order for five 13,000TEU ships at Hyundai Heavy Industries in March.

In December 2020, Wan Hai earmarked US$360 million to buy second-hand ships and so far, the company has purchased 11 ships.

Martina Li
Asia Correspondent





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