With another wave of orders in the container ship newbuilding market, Chinese Taiwanese shipping company Wan Hai Shipping is planning to order a number of large container ships after placing an order for 20 methanol dual-fuel-powered medium-sized container ships.
According to Korean media sources, Wanhai Shipping is negotiating with South Korea's HD Hyundai Group and Samsung Heavy Industries for the construction of 15,000 TEU dual-fuel-powered large containerships, with the number of new vessels ranging from four to 10, with the fuel type yet to be determined.
As a reference, the current single-vessel construction cost of liquefied natural gas (LNG) dual-fuel-powered large container ships is estimated to be more than US$220 million, and the single-vessel construction cost of methanol dual-fuel-powered large container ships is at least US$200 million; based on these calculations, if Wan Hai Shipping chooses to use LNG as fuel, the total value of the order will be at least between US$880 million (approximately RMB 6.316 billion) and US$2.2 billion (approximately RMB 15.791 billion; if methanol fuel is chosen, the total order value will be at least US$800 million (about RMB 5.742 billion) to US$2.2 billion (about RMB 14.355 billion).
Currently, Wanhai Shipping is increasing its newbuilding orders to cope with high freight rates and environmental regulations. Last week (12 August), Wan Hai Shipping announced that the group's subsidiary, Wan Hai Shipping (Singapore) Pte Ltd, had signed a letter of intent with China Taiwan International Shipbuilding Co Ltd (TISCO) and HD Hyundai Samho for a total of two types of 20 methanol dual-fuel-powered container ships. The move is aimed at driving fleet upgrades to improve operational efficiency and enhance the competitiveness of its long-haul services.
The LOI includes 12+4 8,000 TEU methanol dual-fuel-powered containerships and 4,8,700 TEU methanol dual-fuel-powered containerships, with a total value of up to approximately US$3 billion, which are all expected to be delivered between the third quarter of 2027 and the third quarter of 2030. Of these, the 12+4 8,000 TEU containerships will be built by Taishun International, with individual vessel construction costs ranging from US$102.5 million to US$124 million, and a total value of between US$1.64 billion and US$2.48 billion if all take effect.The four 8,700 TEU containerships will be built by HD Hyundai Samho, with individual vessel construction costs ranging from US$113.5 million to US$130.41 million, and a total value of between US$454 million to US$521.64 million.
It is worth noting that this is the first time that Taiship International has built a dual-fuel vessel, and it is also the first time that Taiship International has taken a bulk merchant vessel order since 2018, and it is the largest single merchant vessel order that the shipyard has received so far. Not only that, the letter of intent for the construction of two types of 20 new vessels announced on 12 August is also the first time that Wanhai Shipping has invested in the construction of methanol dual-fuel container vessels. Methanol is being touted as the next generation of cleaner marine fuels, with significant reductions in emissions of sulphur oxides (SOx), nitrogen oxides (NOx) and greenhouse gases compared to traditional marine fuels.
According to the Longships Order Book, Wan Hai Shipping has made a major push to expand its fleet by placing shipbuilding orders from 2021 to 2022, including 12 3013 TEU feeder containerships and 12 3055 TEU feeder containerships for Nippon Shipbuilding Consolidated; 13 13,100 TEU containerships for large containerships for Samsung Heavy Industries; and five 13,200 TEU containerships for large containerships for HD Hyundai Heavy Industries (formerly Hyundai Heavy Industries). 13,200 TEU large containerships and four 3,000 TEU feeder containerships of Taiship International, among others.
In addition, Wan Hai Shipping has received 9 new vessels in the first 7 months of this year, which are 3 13,000 TEU and 6 3,000 TEU feeder containerships, and it is expected that 1 13,000 TEU and 2 feeder 3,000 TEU new vessels will be delivered by the end of this year.In 2025, it is expected that 3 13,000 TEU containerships will be delivered and added to the fleet.
https://www.cnss.com.cn/html/hyqy/20240821/354391.html
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