EVERGREEN SWITCHES SHIPS, INVESTMENTS TO ITALY
In a major change of strategy, the Evergreen group
announced that it will switch investments and reflag up to 40 containerships from Panama
to Italy.
Taiwan-headquartered Evergreen has traditionally divided its assets and
fleet between Taiwan, where its flagship affiliate Evergreen Marine Corp. is based, and
Panama, where the Evergreen International S.A. holding company is based.
Following its acquisition last year of Lloyd Triestino, the Italian
shipping line, the Evergreen group will now reflag all the deepsea containerships of
Evergreen International S.A. from the Panamanian flag to the Italian flag, said Chang
Yung-fa, chairman of the Evergreen group.
About 5 ships will be transferred every year to Evergreen’s new Italian
base and they will be operated by Lloyd Triestino.
Evergreen denied that it will receive a preferential tax treatment on
the ships from the Italian authorities. Chang said that the group would lobby the Italian
authorities for favorable vessel taxes once it has critical mass in Italy.
In addition to the transfer of existing vessels, about half of the new
ships to be built for the Evergreen group will be allocated to its Italian base.
Panama-based Evergreen International S.A. will retain its interests in
property, in container terminals and in the ownership of feeder containerships, the
Evergreen group said.