Evergreen Marine Corporation plans to build and charter up to 11 containerships with a capacity of 23,000 TEUs as part of its expansion program.

The Taiwanese shipping giant told the Taiwan Stock Exchange that the US$1.76 billion deal includes the order of "five or six" vessels to be built and up to five units that would be chartered in.

Of the total allocation, Evergreen said US$725 million to US$960 million would be invested in new orders, while US$599 million up to US$779.6 million will be funneled for chartered units.

The move came as Evergreen Marine’s board of directors opted to boost its current 1.3 million TEU fleet in order to respond to future operational needs, according to its regulatory filing although no further details were given on the ordered mega-size container ships nor the shipbuilders being considered.

Taiwan’s largest shipping line earlier reported a second quarter 2019 gross profit of NT$3.7 billion (US$118.03 million), higher than the NT$109 million it reported in the second quarter of 2018. It's operating revenue hit NT$47.1 billion during the period, also up from the NT$38.3 million during the comparable period last year.