Taiwanese shipping company Yang Ming Marine Transport Corporation has received a green light from its board to move forward with the fleet renewal plan.
Yang Ming will order the construction of ten 2,800 TEU containerships and charter ten 11,000 TEU containerships.
Cash raising initiatives from the last year have led to the recent investment.
At the end of November 2017, Yang Ming said it was preparing to launch a second private placement, targeting around USD 87 million.
The first private placement was announced in February the same year when the company set out to collect USD 54.8 million in an effort to strengthen its finances under the recovery plan.
Yang Ming also secured a cash injection worth USD 200 million from a rights offering last year.
The new ships will replace the vessels that will be off-hired or retired in the next 2 to 3 years.