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Singapore: Yangzijiang Shipping to be wound up over excess USD 4.8 million newbuilding quality claim

Transferred shares of 40 subsidiaries to BVI firm after tribunal awarded claims in favour of Trinity Seatrading; YSPL has also filed a civil complaint against DNV and Liberian ship registry at Nanjing Maritime Court.

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The General Division of The High Court of the Republic of Singapore on Friday (17 March) issued a winding up order against Yangzijiang Shipping Pte. Ltd. (YSPL) due to a compensation claim in excess of USD 4.8 million from Liberia-based Trinity Seatrading S.A. (Trinity). Trinity was represented by Singapore-based multi-disciplinary law firm Helmsman LLC.

Trinity on 20 December 2018 agreed to purchase a 157,000 dwt oil tanker from a group of Chinese firms namely YSPL, Jiangsu Tianchen Marine Import & Export Co., Ltd., and Jiangsu New Yangzi Shipbuilding Co., Ltd. (the sellers), according to court documents obtained by Manifold Times.

Technical dispute arises to London arbitration and award

Disputes related to the vessel’s construction arose and the parties proceeded to arbitration, culminating in a 10-day hearing from 20 June 2022 in London under London Maritime Arbitrators Association (LMAA) Terms 2017.

On 18 July 2022, the tribunal awarded the return of a USD 12 million [exact: USD 12,127,500] deposit and damages of USD 3.25 million plus interest to Trinity.

Transfer of YSPL subsidiaries to BVI-incorporated firm

Between August to September 2022, YSPL transferred shares of at least 40 subsidiaries to Pleasant Way Analyse Development Limited (Pleasant Way), a British Virgin Island-incorporated firm owned by Yangzijiang Shipbuilding (Holdings) Ltd.

On 23 September 2022, Agricultural Bank of China performing the role of Refund Guarantor returned the USD 12 million deposit to Trinity; however, the sellers have not paid damages in excess of USD 3.25 million and the interest awarded to Trinity to date.

In light of the sellers’ non-payment, on 7 October 2022, Helmsman LLC representing Trinity issued a Statutory Demand on YSPL in Singapore claiming for total USD 4.8 million [exact: USD 4,838,908.11].

Sellers file cross-claim against Trinity, DNV and LISCR in PRC court

The sellers on 21 October 2022, meanwhile, filed a civil complaint against Trinity, Det Norske Veritas (China) Company (DNV), and the Liberian International Ship & Corporate Registry LLC (LISCR) with the Nanjing Maritime Court in the People’s Republic of China.

They alleged, amongst others, that Trinity conspired with DNV and LISCR to prevent the issuance of a Class Certificate and Cargo Ship Safety Construction Certificate. The claim was for exactly the same amount as the sum demanded by Trinity in the Statutory Demand.

In response, Trinity obtained an interim anti-suit injunction (ASI) from the London Commercial Court on 17 November 2022 to restrain the sellers from proceeding against Trinity at the Nanjing Maritime Court.

As a result, the sellers discontinued the Nanjing Maritime Court proceedings against Trinity. The Nanjing Maritime Court later added Trinity as a ‘third party’ to the PRC Civil Complaint. The hearing is currently pending.

Singapore court grants winding up order to Trinity

YSPL did not make payment of the sum demanded by Trinity in the Statutory Demand. As there was no dispute that the debt was owing and unpaid, and there was no cross-claim by YSPL against Trinity, Trinity applied for a winding up order to be made against YSPL. The winding up application came up for a hearing before the Singapore High Court on 17 March, and the Judge issued a winding up order against YSPL.

Related: Singapore: High Court to hear Yangzijiang Shipping winding up application on 20 January
Related: Singapore: Helmsman celebrates firm’s strategic transformation with formation of five new practice groups
Related: Helmsman evolves into multi-disciplinary law firm; expands Singapore and Hong Kong practices to meet growing demand

 

Photo credit: Manifold Times
Published: 23 March, 2023

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Alternative Fuels

Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

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Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Taiwanese shipping firm Yang Ming Marine Transport Corporation (Yang Ming) and South Korean shipbuilder Hanwha Ocean on Wednesday (2 September) signed a shipbuilding contract for six 13,000 TEU class LNG dual-fuel container vessels. 

The contract was signed by Dr. Chuck Tsai, Chairman of Yang Ming, and Mr. Charles Kim, CEO of Hanwha Ocean. The vessels are scheduled for delivery between 2028 and 2029. 

They will complement Yang Ming’s existing fleet of 10,000+ TEU vessels and serve as key vessels on East-West services, with deployment flexibility across trade lanes connecting Asia with the East and West Coasts of North America, South America, and the Mediterranean. 

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

“As Yang Ming transitions toward net-zero emissions, LNG provides a relatively mature and economically viable alternative fuel solution, capable of reducing greenhouse gas emissions by approximately 20%,” the company said. 

“At the same time, ammonia can serve as a carbon-free fuel by utilising converted LNG storage facilities, while offering relatively lower conversion costs and comparatively well-developed supply chains and infrastructure. The Ammonia Fuel Ready design will therefore provide Yang Ming with greater flexibility in responding to increasingly stringent international regulations on greenhouse gas emissions.”

In addition, the vessels will be equipped with Type B LNG fuel tanks with a design pressure of 1.0 bar to enhance the safety and efficiency of LNG operations, together with a range of energy-saving technologies, including Wind Shields, Rudder Bulbs, Pre-Swirl Stators, and Shore Power Systems. Smart ship technologies and cybersecurity protection features will also be incorporated to enhance operational efficiency, safety, and reliability while effectively reducing fuel consumption and greenhouse gas emissions.

Deliveries under Yang Ming’s next-generation fleet optimization plan commenced earlier this year. By 2030, a total of 24 new vessels are expected to enter service. 

This includes 18 LNG dual-fuel vessels—comprising five 15,500 TEU, seven 16,000 TEU, and the six 13,000 TEU vessels under this contract—alongside six 8,000 TEU methanol dual-fuel-ready ships. 

 

Photo credit: Yang Ming Marine Transport
Published: 4 September, 2026

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Alternative Fuels

LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Both secured AiP for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

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LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Lloyd’s Register (LR) and the Marine Design and Research Institute of China (MARIC) on Thursday (3 September) have secured Approval in Principle (AiP) for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

Announced at SMM 2026, the concept addresses one of the biggest investment challenges facing shipping today: the need to develop vessels and capabilities that can support a range of alternative fuel options and pathways as technologies, infrastructure and regulations evolve.

While LNG is already a mature fuel pathway, methanol and ammonia remain at an earlier stage of development, with questions around global fuel availability, infrastructure development, economics and long-term adoption.

The 114,000 DWT tanker concept has been designed as a product and crude oil carrier that can accommodate future conversion to LNG, methanol or ammonia as technologies, regulations and fuel supply chains mature. By incorporating conversion readiness at the design stage, the concept aims to reduce future retrofit complexity and provide owners with greater confidence when planning long-term fleet investments.

The design concept was reviewed against LR’s July 2026 class rules and regulations, including requirements relating to ships using gases and other low-flashpoint fuels, alongside relevant IACS Common Structural Rules for oil tankers. Final classification and statutory approval remain subject to full compliance with all applicable rules and regulations.

Theo Kourmpelis, Global Business Director for Tankers, Lloyd’s Register, said: “Shipowners are being asked to make major investment decisions today despite continued uncertainty around which fuels will dominate in the decades ahead. Alternative fuel solutions each offer potential pathways to compliance, but fuel infrastructure, regulation and economics continue to evolve at different speeds around the world.

“Designs that preserve flexibility will be critical in helping owners manage risk while preparing for multiple future scenarios.”

Si Nan, Marine & Offshore Marketing Department Vice Director, MARIC, said: “As the industry explores different decarbonisation pathways, shipowners need vessel designs that can adapt alongside technological and regulatory developments. This concept was developed specifically to provide greater fuel flexibility and long-term resilience, allowing owners to respond to changing market requirements without being locked into a single fuel strategy.

“Receiving Approval in Principle from Lloyd’s Register is an important milestone that validates the design concept and supports its future development.”

 

Photo credit: Lloyd’s Register
Published: 4 September, 2026

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Alternative Fuels

DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

LNG-fuelled vessels accounted for the vast majority of August activity while the strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year.

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DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

Latest data from classification society DNV’s Alternative Fuels Insight (AFI) platform alternative-fuelled vessel ordering was strong in August, with 52 new vessels added to the platform.

This is the highest monthly total since October 2024 and follows another active month in July, when 47 vessels were added to the database.

LNG-fuelled vessels accounted for the vast majority of August activity, with 46 orders recorded. The container segment led the way with 30 orders, while the car carrier segment contributed a further 12 LNG-fuelled vessels. In addition, four ethanol-fuelled bulk carriers and two hydrogen-powered bulk carriers were added during the month, as well as one LNG bunker vessel.

The strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year. In total, 242 alternative-fuelled vessel orders have been placed in the first eight months of 2026, representing a 27% increase compared with the same period in 2025.

LNG remains the dominant fuel choice, accounting for 63% of all alternative-fuelled vessel orders registered so far this year. Container vessels represent the largest share of these LNG orders (59%), followed by car carriers (30%).

Jason Stefanatos, Global Decarbonization Director at DNV Maritime, said: “The past two months have been particularly strong for alternative-fuelled vessel ordering, with August recording the highest monthly total we’ve seen since October 2024. This has helped lift year-to-date orders to a level well above the same period last year.

“LNG remains the leading fuel choice, driven largely by activity in the container and car carrier segments. These sectors have been among the earliest adopters of alternative fuels, supported by predictable liner operations and increasing demand from cargo owners to reduce emissions across supply chains. 

“For many owners, LNG offers a combination of emissions reductions, fuel availability and future flexibility while the longer-term fuel landscape continues to evolve. 

“At the same time, the latest figures include orders for ethanol- and hydrogen-fuelled vessels, highlighting that owners continue to explore a range of decarbonization pathways. Different segments are making different fuel choices, but the overall level of activity demonstrates continued investment in lower-emission shipping.”

Screenshot 2026 09 04 at 12.29.26 PM Screenshot 2026 09 04 at 12.29.36 PM

 

Photo credit: DNV
Published: 4 September, 2026

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