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U-Ming Marine Transport commissions Oshima Shipbuilding to build post-panamax bulk carrier

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Dry Bulk,

U-Ming Marine Transport Corporation (one of nine public-listed companies of the Far Eastern Group), has contracted Japan’s Sumitomo Marine Co. Ltd to commission Oshima Shipbuilding Co., Ltd to build a 99 990 DWT post-panamax bulk carrier M.V. Cemtex Excellence.

A Christening ceremony was hosted by Douglas Hsu, Chairman of the Far Eastern Group on 9 March 2022 at the group’s HQ in Taipei, and was connected on-line with Oshima Shipbuilding yard. Eugenia Chen Chang, wife of Chairman Chia-Juch Chang, China Development Financial Holding Corporation, christened the vessel as online sponsor from Taipei. The ceremony was well attended by many business associates and distinguished guests. The new ship is expected to be officially launched on 14 March 2022.

M.V. Cemtex Excellence has a length of 235 m, width of 40 m and deadweight of 99 990 DWT, and she is the first of the 99 990 DWT post-panamax series built for U-Ming by Oshima Shipbuilding.

The high quality eco-efficient features and an enhanced digital operation system greatly improves the operating efficiency and safety of the vessel. The increasing size of ships reduces fuel consumption per unit cargo and lowers operating costs. In view of the industry trend towards low-speed operations, speed of navigation is optimised. The narrow streamline design of the bridge also helps to reduce wind resistance.

Due to stricter new environmental regulations to be implemented in January 2023, such as Energy Efficiency Design Index (EEXI) and Carbon Intensity Indicator (CII), old ships that do not meet the regulations will be phased out.

In 2H20, container shipping saw a significant increase in demand which resulted in a high volume of large container ship orders. Many yards will be occupied with container newbuilding work in the next few years leading to a slow-down in delivery of dry bulk vessels.

On the demand side, many countries are competing for infrastructure improvements which will in turn increase the demand for raw materials which drives up the freight rates of bulk shipping.

According to Clarksons’ Dry Bulk Trade Outlook for January 2022, the growth rate of dry bulk fleet is expected to be only 2.1% in 2022 vs the demand for dry bulk shipping at about 2.5%. The expected slower pace of tonnage supply will continue to favour the dry bulk market in the short term.

U-Ming continues to seek long term strategic partnerships with high quality customers to secure win-win co-operations and to ensure steady revenues to sustain its business.

By improving the management efficiency, integrating internal organisational resources through inter-departmental team co-operation, evolving high efficiency ‘Eco Ships’, providing sustainable diversified services and digitalising its business, the company aims to strengthen its core competitiveness and contribute to a greener and sustainable shipping market.

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Dry bulk shipping market Panamax news