U-Ming Marine Transport Corporation (TSEC code: 2606), one of the nine listed companies under Far East Group, and its subsidiary U-Ming Marine Transport (Singapore) Pte. Ltd., had commissioned CSSC Qingdao Beihai Shipbuilding Co., Ltd. to build four 210,000-dwt Cape size bulk vessels, two of which are mv Cape Venus and mv Cape Jupiter.
Leveraging on high end cloud technology, guests from Taipei, Qingdao, Shanghai and Singapore were able to attend the ceremony virtually. The christening was hosted by Mr. Douglas Hsu, Chairman of the Far Eastern Group. During the ceremony, M.V. Cape Venus was named by Ms. Joanne Ling, Chairperson of Chang Hwa Bank and M.V. Cape Jupiter was named by Mrs. Cathie Wang, wife of Mr. Joseph Jye-Cherng Lyu, Chairman of Bank of Taiwan. Mr. Douglas Hsu, Ms. Ling, Mr. & Mrs. Lyu, and other guests graced the christening ceremony virtually.
M.V. Cape Venus and M.V. Cape Jupiter are 299.92 meters long, 50 meters wide with 210,000 dwt. They are first two of the four 210,000 dwt series built by CSSC Qingdao Beihai Shipbuilding Co., Ltd.
In line with our strong corporate value in pursuit of greener shipping, the vessels are built with an energy saving and sustainability concept. They are equipped with the most advanced MAN B&W main engines; installed with shrouds, vortex fins, adopted low-resistance anti-fouling paint and other energy-saving devices. Additionally, the main engine is equipped with a nitrogen oxide treatment system (SCR) which meets the IMO Tier III nitrogen oxide emission requirements; and its EEDI (Energy Efficiency Design Index) ultra-low fuel consumption performance has exceeded the international conventions’ requirements thus improving U-Ming’s performance and competitive advantage.
According to Clarksons' latest estimates, 2022’s dry-bulk tonnage growth is about 2.8% and 2023 is 0.8%; a relatively low increase. With the upcoming IMO regulations such as the Energy Efficiency Existing Ship Index (EEXI) and the Carbon Intensity Indicator (CII) in January 2023, ships which fail to meet the above standard would need to carry out Engine Power Limitation (EPL) and be forced to conduct slower steaming.
In line with the upcoming IMO regulations, more older ships are expected to be decommissioned earlier. With the addition of M.V. Cape Venus and M.V. Cape Jupiter, it will create competitive advantages in the industry for U-Ming.
Currently, market uncertainty remains high due to factors such as inflation, supply chain disruptions and the Russian-Ukrainian war. Nevertheless, U-Ming will continue to lay out strategic alliances to create a win-win model; to seek high-quality customers and to sign long-term contracts locking in profits; as well as strengthening risk management and digital transformation to reinforce its core.
In 2022, U-Ming was awarded the Gold Award in the Taiwan Corporate Sustainability Awards for the transportation industry by the Taiwan Sustainable Energy Research Foundation. It is also a constituent stock of the FTSE4Good TIP Taiwan ESG Index. U-Ming attaches great importance to the well-being of employees and has attained the Badge of Accredited Healthy Workplace by the Health Promotion Administration. It has also been awarded the "Asia's Best Employer Award" by HR Asia for two consecutive years.
Recently U-Ming has successfully signed several "Sustainability Index-Linked Loan Facilities" with "Bank of Taiwan", "Overseas-Chinese Banking Corporation", "ANZ Bank", "Mizuho Bank" and "E.Sun Bank". U-Ming's ongoing sustainable initiatives have also attracted external attention; the Company was recently invited to participate in an exclusive interview with the Discovery Channel's program named "Looking at the Future from Taiwan: ESG Sustainable Development".
In October, the R20 Climate Proposal was signed when U-Ming participated in the "Climate Change Sustainability Summit Forum" co-hosted by Yuan Ze University and R20 (R20 Climate Action Regional Organization). U-Ming is committed to play a leading role among the peers to drive sustainability and to reduce its carbon footprints.