Yang Ming to order new container vessels

Taiwan-based Yang Ming Marine Transport has approved a plan to order 8,000teu vessels that will be funded through debt.

The company, however, has not yet decided on the number of ships to be ordered and the time of the order.

Yang Ming has also approved a plan to invest NT$591.6m (US$19.6m) on five new 8,000teu container vessels previously ordered by its subsidiary All Oceans Transportation.

The five ships are scheduled to be delivered in the next two years.

In addition, the company has approved a plan to sell three 3,600teu vessels next year, as well as issing NT$7bn (US$230.9m) in new debts to pay off its debts.

Last week the company revealed a plan to order five 16,000teu container vessels for $747.26m, which are expected to be delivered by 2015, according to taipeitimes.com.