YANG MING, DANAOS ORDER CONTAINERSHIPS

YANG MING, DANAOS ORDER CONTAINERSHIPS

   Yang Ming Marine, of Taiwan, and Danaos Shipping Co., Ltd., of Greece, have returned to the shipbuilding market and each ordered two containerships.

   Yang Ming has ordered two 5,500-TEU containerships from China Shipbuilding Corp., based in Taiwan. The vessels will have the same specifications as the previous seven 5,500-TEU post-Panamax container vessels ordered by the Taiwanese shipping line.

   Danaos, a non-operating shipowner that charters vessels out to container shipping lines, has ordered two 4,250-TEU vessels from Samsung Heavy Industries in Korea.

   The new Yang Ming ships will be delivered in 2004. The year of delivery of the new Danaos vessels has not been publicized.

   The vessel orders will come as a surprise to industry observers, following forecasts that no shipping company would order containerships any time soon because of the current overcapacity glut in global container shipping.