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TS Lines planning Hong Kong listing

TS Lines planning Hong Kong listing
Taiwanese-owned Hong Kong-based intra-Asia feeder line is planning an initial public offering in Hong Kong, local media reported.

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.

Read More: CSBC inks order to build two container vessels

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.

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