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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