Intra-Asia carrier Asean Seas Line (ASL) is continuing to grow its owned fleet with the company emerging as buyer for four 1,100 teu ships that China State Shipbuilding Corporation’s leasing unit CSSC Shipping commissioned at affiliated yard Wuchang Shipbuilding Industry Group last week.
CA Shipping, the Hong Kong-incorporated special purpose vehicle that ordered the ships, is a 60-40 joint venture between CSSC Shipping and ASL’s holding company, ASL Shipping. CSSC Shipping’s stake in the j/v is held indirectly through a subsidiary, Fortune Container Carriers.
The latest set of newbuildings, priced at $22.98m each, are slated for delivery between January and August 2024.
ASL, which has been operating chartered ships, has been expanding its newbuildings after making its maiden order at CSSC Huangpu Wenchong Shipbuilding, for two 1,900 teu ships in 2021. In March, the company ordered a pair of 1,800 teu ships at Huanghai Shipbuilding. These newbuildings will be completed in 2023.
ASL’s representative told WPO that the company is increasing its owned ships as charter costs are now higher due to tight vessel supply.
Owned by the Hsing family of Taiwan, at any one time, ASL has been operating eight to 10 ships ranging from around 350 teu to 1,600 teu, typically chartered for one-year terms.
Currently, the company is ranked 79th among liner operators, with total capacity of 8,154 teu from 10 vessels. ASL operates routes between China and Far East Russia, China and South East Asia and to keep costs low, purchases slots on services between China, Japan, South Korea, Thailand and Indonesia.
