U-Ming and Taipower sign Memorandum of Understanding to establish a new shipping entity

        U-Ming Marine Transport Corporation (U-MING), Taiwan Power Company (TAIPOWER), Kuang Ming Shipping Corporation (KUANG MING) and Kawasaki Kisen Kaisha, Ltd (K-LINE), have signed a Memorandum of Understanding today (July 1st 2019) to establish a new joint-venture shipping company.

        The new company is expected to be established in Taipei by end of 2020. It aims to combine the respective partners’ technical, business and financial resources and knowledge to strengthen the transportation of energy resources for the power generation business and to further improve operational efficiency and reduce operating costs thus ensuring the reliable supply of Taiwan's energy resources.

        The joint venture partners were represented at a signing ceremony in Taipei by Mr C.K. Ong, President of U-MING; Mr Bin-Li Chung, President of TAIPOWER; Mr Chen-Huei Yeh, Chairman of KUANG MING and Mr Kazuhiko Harigai, Senior Managing Executive Officer of K-LINE.  The initial capital contribution is NT$ 1 billion which is contributed by: TAIPOWER (40%); U-MING (32.5%); KUANG MING (20%) and K-LINE (7.5%).  U-MING will contribute a total of NT$325 million.

        In response to the global wave of climate change, Taiwan has been actively carrying out the energy transformation initiatives. This joint venture company will also be taking appropriate measures to face the rapid changes in the operating environment to stabilize the country’s coal supply, and at an appropriate time to come, to further expand into the LNG shipping business.

        U-MING has established a sustainable growth strategy and will continue to seek qualified strategic partnerships to secure long-term cargoes and stable revenue growth.  With Taipei the operating headquarters of U-Ming, the company will strengthen its roots in Taiwan and deepen its cooperative relationship with state-owned enterprises in Taiwan such as CPC Corporation and TAIPOWER and aim to have a comprehensive presence in the energy-related transportation markets.

        In 2010, U-MING established a joint venture company “Global Energy Maritime Co., Ltd” with CPC Corporation and Chinese Maritime Transport Ltd.  U-Ming also has a long-term transportation cooperation with TAIPOWER on its coal shipments and provides ship management services for TAIPOWER’s Panamax bulk carriers “Taipower Prosperity V”, “Taipower Prosperity VII”, “Taipower Prosperity I”, and “Taipower Prosperity II”.

        With its vast ship operating experience and prudent management, U-MING is ready to dedicate its knowledge and provide professional transportation services in the face of Taiwan's future energy transformation needs.#