14 vessels worth 20 billion! China and South Korea split the order! Shipping giants secure major contracts back-to-back.

Taiwanese shipping giant Evergreen Marine is reigniting its expansion drive. Following its order for the world's largest dual-fuel container ships earlier this year, the company will invest NT$20 billion to build 14 dual-fuel 14,000-TEU vessels, continuing its partnership with Guangzhou Shipyard International to expand its green fleet.

According to TradeWinds, Evergreen plans to order 14 new Panamax-sized 14,000 TEU dual-fuel LNG-powered container ships, with Guangzhou Shipyard International and South Korea's Samsung Heavy Industries each building seven vessels. Each ship is estimated to cost approximately $200 million, bringing the total price for the 14 vessels to $2.8 billion (approximately RMB 19.935 billion).

For reference, Clarkson data indicates that the current newbuilding price for a 13,000/14,000 TEU dual-fuel LNG-powered container ship stands at approximately $176 million, down from the peak level of $185 million earlier this year.

Industry insiders note that Evergreen Marine's newbuilds will feature high-specification designs, justifying the higher cost. However, Samsung Heavy Industries' per-vessel price is expected to exceed Guangzhou Shipyard International's by at least $10 million, highlighting Chinese shipyards' price competitiveness.

Reports indicate these vessels will be delivered between 2028 and 2029, though some sources suggest Evergreen hopes to receive them sooner.

This marks Evergreen's second newbuilding order this year. Earlier in 2023, the company announced orders for 11 vessels—the world's largest 24,000 TEU LNG dual-fuel container ships—from two shipyards in China and South Korea. Guangzhou Shipyard International will build five vessels, while Hanwha Ocean will construct six, each priced at approximately $265 million to $295 million with deliveries scheduled for 2027 to 2028.

EVM's order marks GCI's first entry into the ultra-large container ship market for vessels exceeding 20,000 TEU capacity, representing the first collaboration between EVM and GCI. With the latest 14,000 TEU dual-fuel vessel order finalized, both parties will further deepen their cooperative relationship.

Evergreen Marine is Taiwan's largest shipping company. In recent years, it has consistently invested in newbuildings to expand its fleet. Unlike Yang Ming Marine Transport and Wan Hai Lines, which primarily place orders with Japanese and South Korean shipyards, Evergreen's orders are shared among Chinese, Japanese, and South Korean shipbuilders. According to Clarkson data, Evergreen currently has 44 newbuilds under construction for its owned fleet. These include: 16 methanol dual-fuel 16,000 TEU vessels from Samsung Heavy Industries, 6 24,000 TEU vessels from Hanwha Ocean, and 8 methanol dual-fuel 16,000 TEU vessels from Imabari Shipbuilding.

In 2018, Evergreen Marine placed its first newbuild order with a mainland Chinese shipyard, signing a contract with Jiangnan Shipyard for four 2,500 TEU feeder container vessels. Subsequently in 2019, Jiangnan Shipyard, Hudong-Zhonghua Shipbuilding, and South Korea's Samsung Heavy Industries shared an order for 10 24,000 TEU Class A container ships from Evergreen Marine, with Jiangnan Shipyard building 2 vessels, Hudong-Zhonghua 2 vessels, and Samsung Heavy Industries 6 vessels. In 2021, Evergreen Marine placed an additional order for 3 24,004 TEU container ships with Hudong-Zhonghua.

Additionally, Evergreen is collaborating with Huangpu Wenchong to build feeder container vessels. Clarksons data indicates Evergreen has placed cumulative orders for up to 30 feeder vessels at Huangpu Wenchong, including 11 3,110-TEU ships, 11 2,300-TEU ships, 6 2,400-TEU ships, and 2 1,904-TEU ships. Of these, 21 have been delivered, with 9 currently under construction.

The latest order for 14,000 TEU dual-fuel vessels demonstrates Evergreen's firm investment confidence in shifting toward LNG fuel. It is understood that Evergreen began investing in methanol dual-fuel vessels since 2023, placing orders for a total of 24 16,000 TEU vessels with Samsung Heavy Industries and Japan's Imabari Shipbuilding. In 2024, it further ordered 6 2,400 TEU vessels from Huangpu Wenchong. Beyond these 30 methanol dual-fuel vessels, all other operational vessels in Evergreen's fleet remain conventionally fueled.

This year, multiple container shipping companies including MSC, CMA CGM, Yang Ming Marine Transport, HMM, and ONE have ordered over a hundred LNG dual-fuel container ships. Meanwhile, methanol dual-fuel container ship orders have been limited to 14 vessels totaling 18,500 TEU ordered in April by Orient Overseas Container Line (OOCL), a subsidiary of COSCO Shipping Lines, from COSCO Kawasaki Heavy Industries in Nantong and Dalian. Additionally, Wan Hai Lines ordered two 8,700 TEU vessels from Taiwan Shipbuilding in January.

Evergreen Marine is currently the world's seventh-largest container shipping company. Alphaliner's latest data shows Evergreen's current fleet comprises 235 vessels with a total capacity of 1.92 million TEU, including 158 owned vessels and 77 chartered vessels, representing a 5.8% market share. Concurrently, Evergreen has 43 newbuilds under construction totaling 680,000 TEU, accounting for 35.3% of its existing fleet capacity.

In the first nine months of this year, Evergreen achieved cumulative operating revenue of NT$293.138 billion (approximately RMB 68.074 billion), a year-on-year decrease of 15.71%. In September alone, the company recorded operating revenue of NT$30.121 billion (approximately RMB 6.995 billion), down 32.52% year-on-year and 8.60% month-on-month.