U Ming Marine Transport: Baptism of U-Ming’s Capesize ecological bulk carriers “MV Cape Venus and MV Cape Jupiter”
U-Ming Marine Transport Corporation (TSEC code: 2606), one of the nine listed companies of the Far East Group, and its subsidiary U-Ming Marine Transport (Singapore) Pte. Ltd., had instructed CSSC Qingdao Beihai Shipbuilding Co., Ltd. to build four Cape-sized 210,000 dwt bulk carriers, two of which are ‘MV Cape Venus’ and ‘MV Cape Jupiter’.
Leveraging high-end cloud technology, guests from Taipei, Qingdao, Shanghai and Singapore were able to attend the ceremony virtually. The baptism was organized by Mr. Douglas Hsu, President of the Far Eastern Group. During the ceremony, the MV Cape Venus was nominated by Mrs. Joanne Ling, President of Chang Hwa Bank and the MV Cape Jupiter was nominated by Mrs. Cathie Wang, wife of Mr. Joseph Jye-Cherng Lyu, President of Bank of Taiwan. Mr. Douglas Hsu, Ms. Ling, Mr. and Mrs. Lyu and other guests graced the naming ceremony virtually.
MV Cape Venus and MV Cape Jupiter are 299.92 meters long, 50 meters wide and 210,000 dwt. They are the first two of four series of 210,000 dwt built by CSSC Qingdao Beihai Shipbuilding Co., Ltd.
In line with our strong corporate value in the pursuit of greener shipping, vessels are built with a concept of energy saving and sustainability. They are equipped with the most advanced MAN B&W main engines; installed with shrouds, vortex fins, adopted low resistance antifouling paint and other energy-saving devices. Additionally, the main engine is fitted with a nitrogen oxide treatment (SCR) system that meets IMO Tier III nitrogen oxide emission requirements; and its EEDI (Energy Efficiency Design Index) ultra-low fuel consumption performance has exceeded the requirements of international conventions, enhancing U-Ming’s performance and competitive advantage.
According to the latest estimates from Clarksons, the growth in dry bulk tonnage in 2022 is around 2.8% and 2023 is 0.8%; a relatively small increase. With upcoming IMO regulations such as the Energy Efficiency Index for Existing Ships (EEXI) and the Carbon Intensity Indicator (CII) in January 2023, ships that do not meet the above standard should perform engine power limitation (EPL) and be forced to perform slower steaming.
In line with upcoming IMO regulations, more older ships are expected to be decommissioned sooner. With the addition of MV Cape Venus and MV Cape Jupiter, this will create industry competitive advantages for U-Ming.
Currently, market uncertainty remains high due to factors such as inflation, supply chain disruptions and the Russian-Ukrainian war. Nevertheless, U-Ming will continue to establish strategic alliances to create a win-win model; seek out quality clients and sign long-term contracts guaranteeing profits; as well as strengthening risk management and digital transformation to strengthen its core.
In 2022, U-Ming was awarded the Taiwan Corporate Sustainability Awards Gold Award for Transportation Industry by Taiwan Sustainable Energy Research Foundation. It is also part of the FTSE4Good TIP Taiwan ESG Index. U-Ming attaches great importance to employee well-being and has obtained the Healthy Workplace Badge accredited by the Health Promotion Administration. He was also awarded “Asia’s Best Employer Award” by HR Asia for two consecutive years.
Recently, U-Ming has successfully signed several “Sustainability Index Loan Facilities” with “Bank of Taiwan”, “Overseas-Chinese Banking Corporation”, “ANZ Bank”, “Mizuho Bank” and “E.Sun Bank” . U-Ming’s ongoing sustainable initiatives have also attracted outside attention; the Company was recently invited to participate in an exclusive interview with the Discovery Channel show “Looking at the Future from Taiwan: ESG Sustainable Development”.
In October, the R20 climate proposal was signed when U-Ming participated in the “Climate Change Sustainability Summit Forum” co-hosted by Yuan Ze University and R20 (Regional Organization for R20 Climate Action ). U-Ming is committed to playing a leading role among its peers in driving sustainability and reducing its carbon footprint.