Fanstar Group is reportedly considering the sale of its container ship 'Acroho,' which was deployed for trial operations on the Arctic route, due to limitations in the vessel's speed and performance during the journey.
According to a report by Aju Economy on October 27, Fanstar is evaluating the sale of the 2,800 TEU (Twenty-foot Equivalent Unit) container ship, which it acquired from HMM in July for the government's Arctic route trial operations this year.
The primary reason for considering a vessel replacement is the technical constraints identified during actual operations. While 'Acroho' possesses a certain level of ice navigation capability, the company believes it has limitations in maintaining stable speeds and long-term operations in ice-covered areas.
A source familiar with the group's situation confirmed, "It is true that we are reviewing the sale of 'Acroho.' After operating on the Arctic route, we found it difficult to achieve sufficient speed with the existing vessel, and there were some inconveniences during the operation."
However, the source clarified that this review does not indicate a withdrawal from the Arctic route project. Instead, it aims to address the issues identified during the trial run and to facilitate the long-term expansion of the Arctic route business through vessel replacement.
The source added, "We are looking for new vessels to participate in the Arctic route trial operations planned by the Ministry of Oceans and Fisheries next year. We are searching for ice-class container ships, particularly in Northern Europe, and are also considering placing new orders."
Fanstar is also pursuing collaboration with other shipping companies. It has reportedly proposed forming a consortium with domestic shipping firms interested in the Arctic route project. This initiative aims to establish a collaborative foundation for securing vessels and attracting cargo, especially as the government plans additional trial operations next year.
However, the emergence of the vessel sale issue just over two weeks after the conclusion of the first trial run raises questions. Previously, Fanstar expressed its intention to participate in the government's trial operations in April, even before securing a vessel for the Arctic route.
Initially, Fanstar considered acquiring a new ship from a Chinese shipyard, but that plan fell through due to scheduling issues, leading to the purchase of the current 'Acroho' from HMM.
At that time, 'Acroho' was a vessel previously used by HMM for its operations, and there were controversies regarding the urgency of the sale to align with the government's Arctic route trial schedule. HMM reportedly faced significant pressure regarding profitability and operational aspects due to the sale.
With the vessel replacement issue now surfacing, concerns about the government's preparation for the trial operations are growing. Unlike regular routes, the Arctic route's navigation speed and duration are limited by ice conditions and weather, making prior assessments of a vessel's ice navigation capability and operational suitability essential.
A shipping industry insider remarked, "The mention of HMM as a potential buyer for 'Acroho' highlights the flaws in the project. The rush to secure a vessel immediately after the first trial run only underscores the shortcomings in the project's execution."
* This article has been translated by AI.
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