Taiwan's Yang Ming Marine Transport is set to order five 15,000-teu neo-panamax container ship newbuildings worth up to $1bn.

The company's board of directors has approved the contracts that are part of its fleet expansion and renewal plans, according to a regulatory filing.

TradeWinds is told that Yang Ming has not officially floated the tender for the neo-panamax vessels as the company's board of directors has not decided if the ships should be powered by LNG dual-fuel or conventional fuel.