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Yang Ming cuts loss 67pc as revenues rise 13pc to US$1.14 billion

TAIWANESE carrier Yang Ming slashed first quarter year-on-year losses 67 per cent to US$22 million, a result drawn on quarterly revenues of $1

Yang Ming cuts loss 67pc as revenues rise 13pc to US$1.14 billion

TAIWANESE carrier Yang Ming slashed first quarter year-on-year losses 67 per cent to US$22 million, a result drawn on quarterly revenues of $1

17 May 2019 - 19:00

TAIWANESE carrier Yang Ming slashed first quarter year-on-year losses 67 per cent to US$22 million, a result drawn on quarterly revenues of $1.14 billion, which were up 13 per cent.

Yang Ming, part of THE Alliance along with Hapag-Lloyd and Ocean Network Express (ONE), said it carried 1.29 million TEU in the first quarter, up five per cent year on year.



The improvement came despite the traditional slack season in the first quarter and rising operating costs resulting from an 11 per cent increase in oil bunker prices, said the company.



Yang Ming cited a forecast from Paris research house Alphaliner that it said shows supply in the container shipping industry growing 3.1 per cent and being outstripped by 3.6 per cent growth in demand, said Alphaliner.



'This prediction signals an improving supply-demand market. With a brighter outlook, Yang Ming continues to adapt to market changes and adjust operating strategies in line with the direction of the market,' it said.



As illustration, Yang Ming's fleet of new eco-friendly vessels is well prepared to meet with the upcoming IMO (International Maritime Organisation) 2020 low-sulphur regulations. The company's fleet optimisation plan is another example of Yang Ming's efforts to achieve its corporate social responsibility goals, while increase its cost-efficiency and competitiveness in the market.'



In December, Yang Ming outlined its plan to renew its fleet with a mix of owned and chartered ships in a presentation to analysts.



In 2019, it will take delivery of four 14,000-TEU chartered ships. In 2020 and 2021, it plans to take delivery of 10 owned ships with 2,800-TEU capacity and 10 chartered ships of 11,000-TEU capacity.



It also said between 2018 and 2020 it will see 18 charters expire - twelve 4,250-TEU ships and six 8,000-TEU ships - resulting in savings of about $50 million.



Yang Ming also said it will form a new subsidiary with partners in Jakarta named PT Yang Ming Shipping Indonesia, noting that Indonesia has the largest economy in Southeast Asia. Benson Chou has been nominated as president director.


WORLD SHIPPING

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