Evergreen consolidates fleet acquiring Singapore company for $780m

Evergreen Marine Corp will pay $780 million for the Singapore-based company, which was established in 2008 to develop new markets including a hub for its upbound vessels in Singapore and neighbouring countries.

By incorporating the company, EMC would be taking control of more than 13 containerships ranging from 1,618 teu to 9,466 teu, all sailing under the Singapore flag. These include four units of 7,024 teu built in 2006-2008 at Mitsubishi Heavy Industries. and a similar number of 9,466 teu built between 2012 and 2014 at Samsung Heavy industries.

All larger vessels sail on the Far East – ‘North America’ route, except for the 9,466 teu-Ever Lively which serves the Far East-Caribbean/South America route.

The purchase is said to be related to the group's corporate reorganisation following the death of Evergreen founder YF Chang in 2016.

EMS markets its global services under the 'Evergreen Line' brand along with other group companies such as EMC, Evergreen Marine (UK), Evergreen Marine (Hong Kong), Evergreen Marine (Asia) and Italia Marittima S.p.A, the former Lloyd Triestino di Navigazione, bought by Evergreen in 1998.

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Evergreen consolidates fleet acquiring Singapore shipowning arm for $780 million