Intra-Asian feeder specialist TS Lines has revived plans for an initial public offering.
The Hong Kong-Taiwanese liner operator is seeking to relaunch a project to list in Hong Kong in the second half of this year, according to shipping sources.
Funds could be used to finance the expansion of its fleet, which it has been growing through secondhand acquisitions and newbuilding orders.
A TS Lines executive confirmed plans for an IPO but said that the timing was under discussion.
The project could lead to the second listing of a major liner operator this year after Israeli-containership operator Zim listed on the New York Stock Exchange on 28 January.
Long harboured plans
Chief executive and founder TS Chen appears to have long-harboured the ambition of taking TS Lines public.
He came close to floating the company on the Hong Kong Stock Exchange in 2018, where the regulatory environment was deemed preferable to his native Taiwan.
Since then, it has been an active buyer of boxships from the secondhand market and newbuildings.
In February, the company forked out $42.3m to acquire the 4,957-teu Songa Toscana (built 2013) from Norway’s Songa Container.
A month earlier, it purchased the 5,443-teu Naxos (built 2003) for $25.5m from Embiricos-controlled International Maritime Enterprises.
Purchases in the second half of 2020 included the 1,757-teu TS Laemchabang (ex-Nordclaire, built 2016) from Reederei Nord, the 4,253-teu TS Ningbo (ex-Kota Lahir, built 2006) from Pacific International Lines and the 4,363-teu TS Melang (ex-Ital Melodia, built 2007).
Newbuildings arriving
The company also placed orders in mid-2020 for up to four 1,900-teu scrubber-fitted feederships costing $23m each with China's state-owned CSSC Huangpu Wenchong Shipbuilding. They are slated for delivery later this year and in 2022.
In 2019, it ordered two scrubber-fitted 2,700-teu newbuildings from Wenchong for delivery in mid-2021 at a reported price of $30m apiece.
TS Lines, which was established by Chen in 2001, operates 46 ships from 700 teu up to 5,600 teu. Alphaliner lists 17 of the vessels as owned, and 29 as chartered, in addition to four newbuildings under construction and four optional vessels.
The company operates a network of container services in the Straits of Japan, as well as on routes in Far East-India and Far East-Australia.
