Yang Ming delays containership deliveries

Container line Yang Ming Marine Transport has decided to delay taking over five 4,500 teu containerships from Taiwan's state shipbuilder CSBC, Seatrade Asia online reports. Yang Ming would prefer the vessel deliveries to be delayed by between 10 to 16 months. The vessels were originally slated to be handed over this year after they were being orders in 2008 for $375m.
The global box ship market is currently mired in overcapacity and weak freight rates. Yang Ming presently has a total of seven 4,500 teu containerships, five 8,200 teu ships and a 6,589 teu unit on order at CSBC, according to broker Clarksons.