U-Ming boosts dry bulk orderbook and breaks into LNG carrier market

In October 2024, U-Ming announced an order for four 64,000-dwt Ultramax bulk carriers at China’s New Dayang Shipbuilding. At the time, the shipowner reported a diverse fleet of 75 vessels, including under-construction tonnage.

Since then, U-Ming’s fleet has grown to 79 vessels, following the addition of four newbuildings. The company has placed an order for two 181,000-dwt Capesize bulk carriers at China’s Hengli Heavy Industry, with deliveries slated for 2027. It has also secured two more 64,100-dwt Ultramax bulk carriers from an undisclosed shipyard, scheduled for delivery in 2028.

Currently, U-Ming’s fleet comprises bulk carriers, cement carriers, tankers and crew transfer vessels, with a combined carrying capacity of 9.52M dwt. This figure includes vessels under construction, operation, joint ventures and shipmanagement agreements. U-Ming also operates subsidiaries in Hong Kong, Singapore and Xiamen, mainland China.

The company is undergoing significant expansion, targeting a fleet size of up to 100 vessels.

LNG market entry

On 10 January, U-Ming announced its entry into the LNG carrier sector through a joint venture with Japan’s K Line. Under this partnership, the two companies invested in a 174,000-m³ LNG carrier, which is being constructed by South Korea’s Samsung Heavy Industries. The vessel is expected to be delivered in 2026.

The joint venture, KMU LNG Shipping Pte Ltd, aims to explore long-term and stable co-operation opportunities, enhancing operational efficiency and financial performance for both companies.

U-Ming’s foray into LNG aligns with its broader strategy to diversify operations and address international environmental protection trends. In June 2024, the company outlined its ambitions to enter the LNG carrier and large wind power operation and maintenance vessel markets.