The amended resolution states that "the acquisition or disposal of right-of-use assets of vessel which is subject to the prior consent of the governing authority and the transaction amounts is within TWD30 billion (US$1.1 billion) is only for the vessel lease transaction conducted between the company and its subsidiaries, or between its subsidiaries in which it directly or indirectly holds 100 per cent of the issued shares or authorised capital".The change appears to have been made in preparation for fleet adjustments at a time when the industry is faced with frequent changes in service routes.The budget authorisation was announced at a shareholders' meeting last week chaired by Wan Hai's President Tommy Hsieh and independent director Lai Rung-nian.The two executives explained that due to current state of the industry it was necessary to seek the shareholders' authorisation to set aside a substantial sum to take advantage of business opportunities.The company is primarily an intra-Asia carrier but with the recent spike in freight rates, has launched solo Transpacific and Asia-South America services.In 2020, Transpacific and Asia-South America volumes accounted for just under 22 per cent of Wan Hai's revenue, but this has nearly doubled to 40 per cent in 2021 to date. Initially, Wan Hai offered Transpacific services by purchasing slots from other carriers, but illustrating how quickly markets can change.Last year, Wan Hai earmarked $360 million to acquire second-hand ships and bought 11 vessels from the resale market; these vessels were mainly deployed to Transpacific services.
The voluntary incentive programme, called "Protecting Blue Whales and Blue Skies," ran May 15, 2020 through November 15, 2020."The public perception that all large whales are endangered is wrong. The truth is that most large whales are no longer commercially hunted and many are recovering from past exploitation," said savethewhales.org.In the 18th and 19th century whale oil from blubber was universally used in candles, oil lamps and lubricants for machinery until it was gradually replaced by oil found in the ground.The ships that slow down to save the whales simultaneously kill invasive species in their ballast water via filtration, cyclonic separation, ozone, ultraviolet irradiation, in-transit heat, ultrasound, chlorine dioxide, or a combination of these technologies.Shipping companies receive recognition and financial awards based on the per cent of distance travelled by their vessels through the vessel speed reduction zones at 10 knots or less and with an average speed of 12 knots or less. The 10-knot target complements the National Oceanic and Atmospheric Administration's (NOAA) requests for all vessels (300 gross tonnes or larger) to slow down during the months of peak endangered blue, humpback, and fin whale abundance to protect these whales from ship strikes.Ship strikes are a major threat to whales globally and to the recovery of endangered blue, fin, and humpback whales in California waters. Reducing the risk of ship strikes is a major priority of NOAA's, including NOAA's west coast national marine sanctuaries. Among the awarded companies were MSC, Hapag-Lloyd, Yang Ming, MOL and Swire Shipping.Of the nearly 300,000 nautical miles of ocean transited by all the ships in the programme, more than 181,000 were at 10 knots or less.