DESPITE prolonged disruptions in the container shipping industry, Taiwan shipping company yang Ming has reported a profitable second quarter of 2024 and unveiled further ship acquisitions to meet its emission reduction targets.
The consolidated revenues in Q2 stood at TWD52.59 billion (US$1.65 billion), up by 50 per cent from the corresponding quarter last year.
The company's net profit came to US$435.6 million, reports Rotterdam's Offshore Energy.
For the first half of 2024, the consolidated revenues reached $3.02 billion, up by 34 per cent from the same period in 2023, while after-tax net profit stood at $729.82 million.
The company explained that profitability was driven by strong demand and increased freight rates.
The shipping market is forecasted a supply growth rate exceeding demand growth by about 7.6 per cent in 2024.
However, Red Sea crisis has led to vessel rerouting and port congestion, which has absorbed part of the overcapacity. Nevertheless, the world economic situation remains precarious.
Recent geopolitical tensions may also contribute to growing instability.
In response to the volatile shipping market, Yang Ming said it is committed to enhancing its service competitiveness. The company aims to strengthen its fleet management by optimising fleet resources, improving service advantages and addressing emission reduction trends.
To this end, Yang Ming has decided to purchase two long-term chartered 11,000 TEU vessels, next to the previously acquired five 14,000 TEU and three 11,000 TEU vessels.
The acquisition, expected to strengthen service competitiveness and streamline fleet resources, will help address emission reduction requirements and provide flexibility for future environmental retrofitting needs, ensuring compliance with regulatory and technical standards, according to Yang Ming.
'Yang Ming will continue its fleet optimisation plan with energy-efficient and alternative-fuel-powered vessels to support the company's mid- to long-term business development,' the company said.
SeaNews Turkey
The consolidated revenues in Q2 stood at TWD52.59 billion (US$1.65 billion), up by 50 per cent from the corresponding quarter last year.
The company's net profit came to US$435.6 million, reports Rotterdam's Offshore Energy.
For the first half of 2024, the consolidated revenues reached $3.02 billion, up by 34 per cent from the same period in 2023, while after-tax net profit stood at $729.82 million.
The company explained that profitability was driven by strong demand and increased freight rates.
The shipping market is forecasted a supply growth rate exceeding demand growth by about 7.6 per cent in 2024.
However, Red Sea crisis has led to vessel rerouting and port congestion, which has absorbed part of the overcapacity. Nevertheless, the world economic situation remains precarious.
Recent geopolitical tensions may also contribute to growing instability.
In response to the volatile shipping market, Yang Ming said it is committed to enhancing its service competitiveness. The company aims to strengthen its fleet management by optimising fleet resources, improving service advantages and addressing emission reduction trends.
To this end, Yang Ming has decided to purchase two long-term chartered 11,000 TEU vessels, next to the previously acquired five 14,000 TEU and three 11,000 TEU vessels.
The acquisition, expected to strengthen service competitiveness and streamline fleet resources, will help address emission reduction requirements and provide flexibility for future environmental retrofitting needs, ensuring compliance with regulatory and technical standards, according to Yang Ming.
'Yang Ming will continue its fleet optimisation plan with energy-efficient and alternative-fuel-powered vessels to support the company's mid- to long-term business development,' the company said.
SeaNews Turkey