State-owned Taiwan Power Company (Taipower), the island’s biggest energy provider, is axing half of its shipping arm, letting go of two locally built, 19-year-old, 88,000 dwt bulkers, the Taipower Prosperity 1 and its sister, Taipower Prosperity 2. The ships are noted sold for $5.25m each.
Selling the two vintage workhorses fits Taipower’s new green profile as the company is upgrading its transmission and distribution units that reach 23m people across Taiwan.
Taiwan has set a goal to generate 20% of its electricity through renewable energy by 2025, decreasing its reliance on nuclear and coal. The island has become a source of much business for shipping companies involved in wind power installations.
In June last year Taipower made an agreement with Japan’s Kawasaki Kisen Kaisha (K Line) and two other Taiwanese shipowners, U-Ming and Kuang Ming, to create a new company that will own both coal and LNG carriers.