Yang Ming Marine Transport chairman Chuck Tsai said the Taiwanese shipping line wants to increase its market share in container shipping to 3.5% (from 2% currently) by 2032, projecting to grow its fleet to 1.25 million TEU from 725,000 TEU now.
Dr Tsai was speaking on 9 February, at the handover of the position of General Manager from the retiring Cliff Pai to Kevin Lee, who steps into the role today. Pai retired after more than 40 years with Yang Ming, which he joined in 1984.
Tsai said: “During Mr Pai’s tenure, he executed mid-to-long-term strategic planning, new vessel deployment plans, demonstrating energy and direction needed for Yang Ming’s continued progress.“
To grow its fleet to 1.25 million TEU, Yang Ming will need to acquire or build another 297,000 TEU of container ships. Yang Ming is expected to commission 20,000 TEU ships, as Tsai had said last year that the company would require such vessels. Yang Ming is the only member of the Premier Alliance (which also includes HMM and ONE) that does not have ships of over 20,000 TEU.
Tsai became Yang Ming’s chairman in July 2024, becoming at age 48, the youngest to hold the post in the company’s history.
Since then, Dr Tsai has been pushing for a gradual, but active fleet growth strategy, deviating from Yang Ming’s past passiveness.
Tsai’s ambition coincided with the delivery of 15,500 TEU ships from HD Hyundai Heavy Industries. The first two of the five vessels, YM Willpower and YM Worthiness, were christened on 6 February and will be deployed to an Asia-Mediterranean service. (PL)
