Taiwan-listed shipping company Evergreen Marine Corp. said it intends to sign shipbuilding contracts for up to ten reefers.

Under two separate deals, five 2,800teu containerships would be built by Japanese builder Imabari Shipbuilding Co., Ltd. at a price ranging between US$36m to US$39m per vessel.

The remaining five 2,800teu boxships would be constructed by CSBC Corporation, Taiwan under the same pricing terms, putting the overall value of the contracts at up to US$400m.

The announcement comes as the shipping company steamed its way back to profit in the first quarter of 2015.

Namely, the company recovered from a loss worth TWD1.69m from 2014 to a profit of TWD1.53m (US$50,200).

The rebounded results were mainly attributed to reduced operating costs.