Chief executive and founder TS Chen was quoted as saying that Hong Kong’s reputation as a maritime and financial centre as well as its lower corporate tax rates were a reason for the choice of listing location.
The line has been expanding quite aggressively recently, ordering six 1,800 teu containerships from CSBC Corp in 2015 and 2016 as well as a recent reported order for two Japanese-built 1,096 teu vessels at the end of last year. The CSBC-built vessels have all been delivered and would have placed some demands on the company’s balance sheet.
Chen has also been reported as expressing concern about the rising trend in charter rates, suggesting a change in direction towards more owned vessels as the line expands to the Middle East and other routes on the fringes of the intra-Asia market, while also continuing its feeder role for the mainline operators.
According to Alphaliner figures, TS Lines is the 20th largest container line with a fleet capacity of 78,110 teu.