The company's Board of Directors made the decision on March 10, granting the chairman permission to "negotiate prospective transaction partners and subsequent signing matters."

The move is expected to target newbuilding vessels, with South Korean shipyards being the most likely targets.

In terms of size, the ships will be the largest in the company's fleet, exceeding the existing TEU 11,923 containerships as the top dogs. The announcement comes on the back of a large order placed earlier this year.

Wan Hai Lines recently placed an order for twelve 3,013 TEU container ships worth $565 million.

Nihon Shipyard, a subsidiary of Japan Marine United Corporation, will build the containerships.

Wan Hai's drive is being interpreted as an effort to solidify its status as Asia's largest intra-Asian carrier while also bolstering its global standing with the aim of becoming the world's 10th largest container carrier.

According to Lars Jensen, CEO of Seainteligence, the container carrier's operated fleet has expanded by 25% in the last year.

Maritime Business World