Taiwanese shipping company U-Ming has invested up to $312 million in six new dry bulk ships in China. The investment includes four Ultra Max vessels and two Newcastlemax vessels as part of its plans to build a fleet of 100 ships. According to a company disclosure, the total investment ranges between $296 million and $312 million. This move is part of U-Ming's strategy to expand its dry bulk shipping capabilities.
The two largest vessels are Newcastlemax ships, each with a capacity of 211,000 deadweight tons, built by Jiangsu Hantong Heavy Industries. The price of each vessel ranges between $77 million and $80 million, totaling between $154 million and $160 million. This announcement follows a deal made by U-Ming in June with the same shipyard to build two confirmed vessels with options, at the same price range.
The latest disclosure matches the options attached to the June deal, bringing the Hantong program to four confirmed vessels. U-Ming is also paying between $142 million and $152 million for four Ultra Max vessels with a capacity of 64,000 deadweight tons from New Dayang shipyard, controlled by Sumic Marine. This amounts to $35.5 million to $38 million per vessel.
The first Ultra Max vessel is expected to be delivered in the fourth quarter of 2029, with the remaining three vessels to be delivered in 2030. This order aligns with U-Ming's expansion plan approved earlier this year, which includes four dry bulk ships with a capacity of 210,000 deadweight tons and four Ultra Max vessels.
According to shipping research firm Alphaliner, U-Ming's parent company, backed by the Far Eastern group, was previously linked to the Hantong Newcastlemax program in June. The initial deal included options for two vessels to be delivered in 2029 and 2030. U-Ming continues to renew and expand its core dry bulk fleet while entering new sectors.
The company's broader portfolio now includes Very Large Crude Carriers (VLCCs), Very Large Ore Carriers (VLOCs), offshore wind power ships, and liquefied natural gas (LNG) carriers. In its investor presentation in May, U-Ming aimed to have a fleet of over 100 vessels, with dry bulk remaining a key area of expansion.
As of the end of September, U-Ming's owned fleet, joint ventures, and newbuilds on order totaled around 90 vessels, with a combined deadweight tonnage of over 10 million tons. The company continues to strengthen its position in the dry bulk shipping market through strategic investments and fleet expansion.
Key points
- U-Ming invests up to $312 million in six new dry bulk ships in China.
- The investment includes four Ultra Max vessels and two Newcastlemax vessels.
- U-Ming aims to expand its fleet to 100 vessels, with dry bulk remaining a key area of expansion.
