Shih Wei Navigation

Taiwanese shipowner and operator Shih Wei Navigation has concluded its 10-year hiatus from new ship orders by placing orders for two ultramax bulk carriers with Japan’s Oshima Shipbuilding. The company is investing $39 million per vessel for the 64K DWT ultramax bulk carriers. By securing two ultramax bulk carriers from Oshima Shipbuilding, Shih Wei Navigation is ending its decade-long pause in placing newbuilding orders. The Taiwan-based Shih Wei Navigation marks the end of a ten-year ordering break by signing a deal for two bulk carrier newbuilds with a Japanese shipyard, totaling an investment of $78 million. Listed in Taipei, Shih Wei Navigation has agreed to purchase two 64K DWT ultramax bulk carriers from Oshima Shipbuilding, highlighting this acquisition as a key component of its fleet expansion strategy. Shih Wei Navigation has confirmed the acquisition, indicating that the new vessels are integral to the company’s plans to enlarge its fleet. 19-February-2024


After nearly ten years without placing new orders, Shih Wei Navigation has embarked on an agreement for the construction of ultramax bulk carriers in Japan. This Taiwanese shipping company, which boasts a fleet of approximately 30 vessels, has engaged Oshima Shipbuilding through Sumisho Marine for the construction of two 64K ultramax bulk carriers. According to a filing with the Taipei Stock Exchange, each of these newbuilds is estimated to cost up to $39 million and is scheduled for delivery in 2026. Shih Wei Navigation’s most recent newbuild orders were placed in July 2014, for an ultramax bulk carrier at Saiki Heavy Industries of the Onomichi Dockyard. This vessel was subsequently acquired as a resale by Japan’s Kasuga Shipping. 7-February-2024


Taiwanese shipowner and operator Shih Wei Navigation 2009 built open-hatch bulk carrier 32K DWT MV Vigor SW’s crew members aboard were subjected to a possible case of gas poisoning while the ship was docked at Nghi Son International Port in Vietnam. The incident occurred on a Sunday, and one of the crew members tragically passed away, while two others slipped into a coma. The three Chinese seafarers were found unconscious by their master during unloading operations. The affected crew members have been identified as Zhuang Lijn (52), Li Wen Liang (33), and Kong Deshan (23), and they were immediately rushed to the hospital. Regrettably, one of them succumbed to the poisoning, while the other is still in critical condition with broken ribs. The hospital authorities have expressed their belief that the crew members might have been poisoned by hydrogen sulphide, a toxic gas that is usually produced by the microbial breakdown of organic matter in an oxygen-deprived environment, such as a ship’s cargo hold, a sewer, or a swamp. The authorities are currently investigating the accident in collaboration with other agencies. MV Vigor SW is flagged under Panama and is owned by Shih Wei Navigation, a Taiwan-based shipowner and operator. 15-April-2023


Shih Wei Navigation, a prominent dry bulk shipping firm based in Taiwan, has named Irene Lan as its new chairman. Irene, the daughter of the company’s founding chairman J.D. Lan, steps into the role following her father’s resignation due to health concerns. Prior to her appointment, Irene Lan had held various positions within Shih Wei Navigation, showcasing her deep involvement and experience within the company. J.D. Lan, who established Shih Wei Navigation in 1985, is also the sibling of James Lan, the founder and chairman of another shipping company, Wisdom Marine. Currently, Shih Wei Navigation, which is listed on the Taipei Stock Exchange, operates a fleet of 48 bulk carriers, marking its significant presence in the maritime industry. 28-October-2020


Taiwan’s leading bulk shipping company, Shih Wei Navigation, has reinstated its founder, J.D. Lan, as president. Lan had previously relinquished his position as president in 2017 due to health concerns, at which time Chang Ying-lung was appointed to oversee the company’s operations. Following the resignations of Chang Ying-lung and general manager Chou Ying-lang last month, J.D. Lan has taken up the mantle once again. Established by J.D. Lan in 1985, Shih Wei Navigation is part of a notable maritime lineage, with Lan’s brother, James Lan, serving as the founder and chairman of Wisdom Marine. Currently, Shih Wei Navigation boasts ownership of a fleet comprising 53 bulk carriers. 7-October-2019


Shih Wei Navigation, a prominent player in Taiwan’s bulk shipping sector, has disclosed the resignation of its president, Chang Ying-Lung, and general manager, Chou Ying-lang. Although Chang Ying-Lung will continue to serve as the legal representative for Shih Wei Navigation’s subsidiary, Unicorn Marine Agency, Chou Ying-lang will be retiring. The leadership change comes after Chang stepped into the president’s role in 2017, succeeding J.D. Lan, the company’s founder, who stepped aside for health reasons. Shih Wei Navigation plans to select a new president during a board meeting scheduled for later this month, with industry insiders anticipating J.D. Lan’s return to leadership. Founded in 1985 by J.D. Lan, who is also the sibling of James Lan, the founder and chairman of Wisdom Marine, Shih Wei Navigation currently operates a fleet of 53 bulk carriers. 15-September-2019


Singaporean bulk shipowner Dry Bulk Singapore is looking to arrest a Taiwanese-owned 2011 built 58K DWT MV Eternity SW in Virginia after its charter was terminated earlier this summer. Singapore based Dry Bulk Singapore filed a lawsuit in the United States Eastern District of Virginia Federal Court. Dry Bulk Singapore has filed a lawsuit against Dong Lien Maritime SA Panama, which is a subsidiary of Shih Wei Navigation. Dry Bulk Singapore is accusing of abruptly canceling its time charter while MV Eternity SW was discharging cargo in Quebec, Canada in July, 2019. Neither Shih Wei Navigation nor Dong Lien Maritime SA were labeled as defendants, only the ship MV Eternity SW, whose registered owner is Eternity Pescadores SA Panama. MV Eternity SW had been chartered to Dutch risk management firm 24Vision Chartering Solutions in 2018. Later on, MV Eternity SW was sub-chartered to Dry Bulk Singapore in April 2018. 24Vision Chartering Solutions had a three (3) day grace period to pay the agreed hire. On 11 July 2019, Dong Lien Maritime SA notified Dry Bulk Singapore that 24Vision Chartering Solutions had defaulted on the charter. Later on, Dong Lien Maritime SA canceled period charter and removed MV Eternity SW from Dry Bulk Singapore’s chartering service. Dry Bulk Singapore suffered monetary damages and lost profits. Panamanian-flagged Eternity SW is currently ballasting to Norfolk, Virginia. Eternity SW is insured by Britannia P&I. 27-August-2019


After a pause of 18 months following its last acquisition spree, Vietnamese shipping company Tan Binh, known for specializing in handysize bulk carriers, has re-emerged as a significant player in the market. Tan Binh was notably active in the purchasing arena throughout 2016 but took a quieter stance in 2017. However, recent disclosures from shipbrokers highlight several acquisitions by Tan Binh made discreetly this year. In March, Tan Binh resumed its buying activities by acquiring the 19-year-old, 23K DWT handysize bulk carrier MV Luxury SW from Shih Wei Navigation based in Taiwan. This transaction was soon followed by an $8.2 million acquisition of the 32K DWT handysize bulk carrier MV Conqueror, marking Tan Binh’s first venture into purchasing a ship less than ten years old. This particular purchase, involving an eight-year-old vessel constructed in China and previously owned by Taiwanese shipowner Way East Shipping Agency, was conducted without public disclosure. Additionally, Tan Binh is reported by shipbrokers to have secured the 14-year-old bulker MV Clipper Lasco from Denmark’s Clipper Group for $6 million, in a deal awaiting confirmation. With these recent purchases, Tan Binh has significantly expanded its fleet, having added seven bulk carriers in 2015 and 2016, and despite only making news as a seller in 2017 with a successful asset play. Presently, Tan Binh’s fleet comprises 16 vessels, averaging 16 years in age, demonstrating the company’s renewed vigor in expanding its maritime operations. 24-June-2018


This week, the maritime sales and purchase (S&P) market saw a continuation of strong activity in bulker sales, particularly with supramax bulk carriers drawing significant interest. There was also a noticeable uptick in demand for container assets, whereas transactions involving tankers were scarce, reflecting the sector’s current lackluster earnings. The dry bulk sector remains vibrant, with a particular emphasis on smaller vessel segments. This trend is beginning to impact price levels, although no major shifts have been observed yet. However, if the current rate of buying interest and activity persists, we may soon witness a price rally, although the timing might be pushed to early March due to prevailing freight market conditions. In a notable transaction, the 2008-built supramax bulk carrier MV Poseidon SW was acquired by Greek shipping company Sea World Management from Taiwanese firm Shih Wei Navigation for $12.5 million. Furthermore, the Japanese shipowner Kasuge Kaiun has been identified as the purchaser of a resale ultramax bulk carrier from Saiki Heavy Industries, agreeing to a price of $25.5 million for the 60K DWT vessel scheduled for delivery in June 2018. Kasuge Kaiun’s decision to forego inspection underscores their keenness to secure the ship, initially ordered by Mitsui Soko. On the tanker front, the market appears to have quieted further, with few deals being reported. Nonetheless, there’s a cautious optimism that the sector may see gradual improvement as trade fundamentals begin to offer a more favorable outlook. Although there’s no strong indication of this shift in the freight market yet, potential buyers seem to be taking note of the evolving landscape. 24-January-2018


A tragic incident occurred aboard the MV Efficiency OL, a bulker constructed in 2010, while docked at Bunbury Port in Western Australia, leading to the death of a Chinese seafarer. The 23-year-old crew member suffered electrocution during his duties on the ship and was subsequently transported to a hospital. It is suspected that he died instantly from the incident. The vessel, which is owned and operated by Taiwan’s Shih Wei Navigation, is currently detained at the port. Investigations into the incident and an examination of the ship’s safety protocols are being conducted by both the local police and the Australian Maritime Safety Authority. 3-October-2017