Taiwan-based Evergreen Line suspension of its fleet renewal during market downturn over a seven-year period ended July 2010 was a precaution against a market downturn, said group chairman Chang Yung-fa.
In 2006, Mr Chang forecast the continuous ordering of large vessels by many carriers would lead to rapid increase in capacity and warned of the risk of the business crisis among these shipping companies during a market recession.
Evergreen's capacity growth over a five-year period from 2008 was lower than market average of 7.07 per cent at 5.56 per cent, according to data from Alphaliner.
Its fleet capacity at year end will be below this at 4.8 per cent and still below this end 2015 at five per cent of global total.
By 2010, the carrier, following Mr Chang's leadership was able to restart newbuilding program when shipbuilding prices returned to reasonable levels, in the ordering of thirty 8,000-TEU ships. Additionally, Evergreen chartered five 8,800-TEU vessels and then 13,800-TEUers.
During latest fiscal 2012/2013, Evergreen ordered 24 of total of 44 newbuildings with 18 more due in 2014, and the remaining three by 2014. The delivery of the new vessels will be balanced by a gradual return of 54 chartered vessels to their owners as the term of the charters expire.
In 2006, Mr Chang forecast the continuous ordering of large vessels by many carriers would lead to rapid increase in capacity and warned of the risk of the business crisis among these shipping companies during a market recession.
Evergreen's capacity growth over a five-year period from 2008 was lower than market average of 7.07 per cent at 5.56 per cent, according to data from Alphaliner.
Its fleet capacity at year end will be below this at 4.8 per cent and still below this end 2015 at five per cent of global total.
By 2010, the carrier, following Mr Chang's leadership was able to restart newbuilding program when shipbuilding prices returned to reasonable levels, in the ordering of thirty 8,000-TEU ships. Additionally, Evergreen chartered five 8,800-TEU vessels and then 13,800-TEUers.
During latest fiscal 2012/2013, Evergreen ordered 24 of total of 44 newbuildings with 18 more due in 2014, and the remaining three by 2014. The delivery of the new vessels will be balanced by a gradual return of 54 chartered vessels to their owners as the term of the charters expire.