TAIWANESE container shipping company yang Ming Marine Transport Corporation has joined Evergreen of Taiwan in declaring very healthy financial results for 2024 so far, due to strong demand and increased freight rates.
Yang Ming's consolidated revenues in Q2 stood at TWD52.59 billion (US$1.65 billion), up by 50 per cent from the same period of last year, while the company's after-tax net profit came to TWD13.89 billion, reports Australia's Daily Cargo News.
The consolidated revenues for the first half of 2024 reached TWD96.39 billion, up by 34 per cent from the same period of last year. Yang Ming's after-tax net profit for this period amounted to TWD23.27 billion.
'According to the latest forecast released by the International Monetary Fund (IMF), the global economic growth rate is expected to remain stable at 3.2 per cent in 2024,' Yang Ming said.
'Asia's emerging market economies continue to be the main drivers of global growth. The shipping market is forecast to have a supply growth rate exceeding demand growth by about 7.6 per cent in 2024.
'However, the 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. Persistent service prices and trade tensions are slowing the pace of disinflation, increasing inflation risks.
'The US economy, after showing strength, now appears to be slowing, with the Manufacturing PMI dropping to a new low this year and the unemployment rate rising again.
'Additionally, the upcoming US presidential election could add further uncertainties to the economic situation. Despite the modest economic growth in the Eurozone, its strength remains to be seen. Recent geopolitical tensions may also contribute to growing instability,' Yang Ming said.
In response to the volatile shipping market, Yang Ming is committed to enhancing its service competitiveness, it said.
'The company aims to strengthen its fleet management by optimizing fleet resources, improving service advantages and addressing emission reduction trends. To this end, Yang Ming has deepened its strategic partnership with shipowners and the board has authorized the purchase of two long-term chartered 11,000 TEU vessels.'
SeaNews Turkey
Yang Ming's consolidated revenues in Q2 stood at TWD52.59 billion (US$1.65 billion), up by 50 per cent from the same period of last year, while the company's after-tax net profit came to TWD13.89 billion, reports Australia's Daily Cargo News.
The consolidated revenues for the first half of 2024 reached TWD96.39 billion, up by 34 per cent from the same period of last year. Yang Ming's after-tax net profit for this period amounted to TWD23.27 billion.
'According to the latest forecast released by the International Monetary Fund (IMF), the global economic growth rate is expected to remain stable at 3.2 per cent in 2024,' Yang Ming said.
'Asia's emerging market economies continue to be the main drivers of global growth. The shipping market is forecast to have a supply growth rate exceeding demand growth by about 7.6 per cent in 2024.
'However, the 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. Persistent service prices and trade tensions are slowing the pace of disinflation, increasing inflation risks.
'The US economy, after showing strength, now appears to be slowing, with the Manufacturing PMI dropping to a new low this year and the unemployment rate rising again.
'Additionally, the upcoming US presidential election could add further uncertainties to the economic situation. Despite the modest economic growth in the Eurozone, its strength remains to be seen. Recent geopolitical tensions may also contribute to growing instability,' Yang Ming said.
In response to the volatile shipping market, Yang Ming is committed to enhancing its service competitiveness, it said.
'The company aims to strengthen its fleet management by optimizing fleet resources, improving service advantages and addressing emission reduction trends. To this end, Yang Ming has deepened its strategic partnership with shipowners and the board has authorized the purchase of two long-term chartered 11,000 TEU vessels.'
SeaNews Turkey
