- Sea Legend Shipping, a Singapore-incorporated startup, emerged in February 2023.
- Sea Legend claims ownership of 10 containerships ranging from 1,800 to 4,900 TEU.
- The startup asserts that the Chinese navy is providing escort services for its vessels navigating the Red Sea.
- The Red Sea crisis has led to opportunistic operators launching services in the high-risk area.
- Ships crossing the Red Sea modify tactics, highlighting non-calls at Israel and Chinese crew links in AIS notifications.
- Sea Legend’s BVI incorporation complicates ownership transparency.
Navigating Opportunities In Crisis
Amid the Red Sea crisis, a Singapore-based startup seizes the opportunity to initiate a container shipping service in this challenging region.
Sea Legend Shipping was incorporated in February 2023 and is held by the British Virgin Islands (BVI)-registered Sea World Legend Holdings. A Singaporean, Deng Ping, is its director.
Its website says Sea Legend owns 10 containerships, ranging from 1,800 to 4,900 TEU claims that the Chinese navy is escorting its vessels through the Red Sea.
Strategic Maneuvers In Response To Crisis
Opportunistic operators have been capitalizing on the lack of cargo to start Red Sea services, as 90% of ships that used to transit the Red Sea are diverting around the Cape of Good Hope to avoid Houthi attacks. Last week, The Loadstar reported that China United Lines had started a China-Red Sea service.
Ships crossing the Red Sea have resorted to highlighting non-calls at Israel and their Chinese links via their AIS notifications. During a recent passage through Bab el Mandeb Strait, the OVP Taurus broadcast an AIS message claiming an “all Chinese [crew]”.
Marie Kelly, VP of defense at P&I Club Gard, noted in a recent seminar that Chinese operators looking to operate Red Sea transits were copying carrier behavior during the heyday of Somali piracy.
Tactical Shifts Amidst Rising Tensions
“Vessels used to display an ‘armed guards on board’ message on their ASI notifications to discourage attacks; now they are displaying ‘no business with Israel’, or ‘all Chinese crew’ messages,” she said.
Linerlytica analyst Tan Hua Joo observed that OVP Shipping and Safetrans had been actively buying ships in the past fortnight. He told The Loadstar: “Freight rates have rebounded in the last month and most of these operators are still using the Red Sea and Suez route, so they can fully capitalize on the rate rebound, especially to the Mediterranean region.
“Among the smaller carriers, only Sinokor has diverted to the Cape, while all the other niche carriers are maintaining their Red Sea routing,” he added.
Unveiling Ownership Complexities
While the BVI incorporation of Sea Legend’s holding company obscures its ownership, the operator’s fleet list shows vessels that are understood to be owned by Chinese firm Safetrans Shipping and Russian-controlled, Hong Kong-registered OVP, both of which launched Russia-focused services in late 2022.
According to Alphaliner, OVP ranks 52 in the top 100 container carriers, with a total fleet capacity of 20,500 teu across nine vessels, three of which are owned and the remainder chartered. Safetrans Shipping, also BVI-incorporated, is ranked at 61 with a fleet capacity of 15,100 across four vessels, two of which are owned.
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Source: The Loadstar
