Taipei: Kaohsiung-based bulk shipping firm Franbo Lines, which is currently preparing for its IPO in Taiwan, plans to further expand its fleet.
Tsai Pang Chuan, chairman of Franbo Lines, said the company plans to expand its fleet to fifteen vessels from the current seven vessels in the next five years.
According to Tsai, the company will order three new vessels at a Japanese yard in October and lease them to a Japanese company on a ten-year contract upon delivery, and it will also scrap two old vessels next year.
Franbo Lines also plans to expand its operations on European and Japanese routes in order to enhance profitability.
Franbo Lines is expected to start its IPO in the first half of October. [12/09/14]