Christening of U-Ming’s Eco-Friendly Post Panamax Bulk Carrier

U-Ming Marine Transport Corporation (TSEC code: 2606 – one of nine public-listed companies of the Far Eastern Group), has contracted with 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 Mr Douglas Hsu, Chairman of the Far Eastern Group on March 9, 2022 at the Group’s Head Quarters in Taipei and was connected on-line with Oshima Shipbuilding yard. Mrs. 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 March 14, 2022.

M.V. Cemtex Excellence has a length of 235m, width of 40m and deadweight of 99,990 metric tons 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 optimized. 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 the second half of 2020, 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 versus 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 our win-win co-operations and to ensure steady revenues to sustain our business.

By improving the management efficiency, integrating internal organizational resources through inter-departmental team co-operation, evolving high efficiency “Eco Ships”, providing sustainable diversified services and digitalizing our business, we aim to strengthen our core competitiveness and contribute to a greener and sustainable shipping market.