Christening & Delivery of U-Ming’s Eco-Friendly Post-Panamax Bulk Carrier “M.V. Cemtex Unity”

U-Ming Marine Transport Corporation (TSEC code: 2606 – one of nine public-listed companies of the Far Eastern Group) has contracted with Japan’s Sumitomo Marine Co. Ltd. to commission Oshima Shipbuilding Co., Ltd. to build the 99,990 DWT Post-Panamax Bulk Carrier M.V. Cemtex Unity.  A Christening & Delivery ceremony was hosted by Mr Douglas Hsu, Chairman of the Far Eastern Group on October 31, 2023 at the Oshima’s Koyagi Shipbuilding yard. Ms. Flora Chia-I Chang, Chairperson, Board of Trustees, Tamkang University, was invited to christen the vessel.  The ceremony was successfully completed with many business associates and distinguished guests attended.

M.V. Cemtex Unity measures 235 meters in length, 40 meters in width and 99,990 in deadweight tons. This marks the fourth vessel in the Post-Panamax series designed and built by Oshima Shipbuilding Co., Ltd. for U-Ming.  The vessel upholds U-Ming's commitment to energy efficiency and environmental sustainability.  It not only meets the third-stage requirements of the International Maritime Organization (IMO)’s Energy Efficiency Design Index (EEDI); but also surpasses them by achieving a 33% reduction in energy consumption compared to the same category vessels.  The vessel also equips with U-Ming’s Fleet Safety Management (FSM) system, enabling real-time data transmission and analysis for enhanced operational efficiency and reduced maintenance costs. This FSM platform has earned Smart Ship Notation certification from leading classification societies such as NK of Japan, DNV of Norway, CR of Taiwan and ABS of the United States.  The vessel's design features low-speed sailing to minimize fuel consumption and optimized hull shape to reduce resistance from wind and current; further enhancing its competitive advantages.

The International Maritime Organization (IMO) recently convened its Marine Environment Protection Committee meeting, where a resolution was passed to enhance measures for controlling greenhouse gas emissions. The resolution specifically mandates that at least 5% of the energy used by vessels in 2030 should be nearly zero emissions; and by 2050, shift their focus from the previous goal of a 50% reduction in carbon emissions to a more stringent target of achieving net-zero greenhouse gas emissions. This signifies a substantial increase in operating costs for ship owners.

Since 2013, U-Ming has been proactively deploying custom-made environmentally friendly and energy-efficient ship designs (eco-Ships) and executing a program to phase out older vessels in alignment with their corporate vision for sustainable development. Currently, 94% of U-Ming's total tonnage consists of environmentally-friendly vessels, a ratio significantly higher than the market average of 35%.  Additionally, with an average vessel age of 5.9 years, U-Ming's fleet is considerably younger compared to the average age of 11.9 years in the bulk carrier market.  The competitive advantage for U-Ming is embodied by the dual benefits of environmental sustainability and a younger fleet.

U-Ming places significant emphasis on Environmental, Social, and Governance (ESG) management.  In addition to being included in the FTSE4Good Taiwan Sustainability Index, in September 2023, the company was recognized as one of the "Taiwan Best-in-Class 100" by the Taiwan Institute of Directors, acknowledging U-Ming's commitment to sustainable business practices.  The company also actively participates in international sustainability initiatives, having signed the "1.5°C Climate Action Declaration"; joined the "R20 Climate Action Regional Organization" and pledged support for the Task Force on Climate-related Financial Disclosures (TCFD) in February 2023.  This voluntary commitment to disclose climate-related financial metrics demonstrates U-Ming's determination to mitigate climate change.

Furthermore, U-Ming places a pronounced emphasis on the well-being of its employees and the protection of human rights. In 2023, the company completed a "Human Rights Due Diligence" process and received four prestigious awards from the well-known Asian magazine HR Asia; including the "Asian Best Employer Award", "Diversity, Equity & Inclusion Awards", "Digital Transformation Awards" and "Most Caring Company Awards".   These accolades underscore U-Ming's commitment to its employees and corporate responsibility.

U-Ming currently owns and operates a diverse fleet of vessels including Capesize, Panamax, Post Panamax, Supramax, Ultramax, Cement Carriers, Very Large Crude Carriers (VLCCs), Very Large Ore Carriers (VLOCs) and Crew Transfer Vessels (CTVs) for offshore wind farms.  With the inclusion of joint ventures and vessels currently under construction, U-Ming's fleet now comprises 72 vessels with a total deadweight of 8.77 million tons.  The company has subsidiaries in Singapore, Hong Kong, and Xiamen; including U-Ming Marine Offshore Company Ltd. focusing on green energy transportation.