TAIWAN's yang Ming Marine Transport Corporation reported consolidated revenues of TWD222.71 billion (US$6.94 billion) for 2024, with a net profit after tax of NTD64.18 billion based on its latest financial report.
The first three quarters of 2024 witnessed 'favourable market conditions', marked by increased cargo volumes and elevated freight rates, according to Yang Ming.
'In 2024, the container shipping industry experienced a net capacity increase of approximately three million TEU, leading to supply growth outpacing demand. Amid this challenge, factors such as vessel rerouting due to the Red Sea crisis and congestion at key ports helped absorb excess capacity. Additionally, the robust economic performance of emerging Asian markets contributed positively to global economic growth,' the company said.
Yang Ming said it responded by optimising its service network and fleet deployment, ensuring 'service reliability and capitalising on market opportunities to enhance operational performance'.
Looking ahead, Yang Ming is proactively addressing energy risks and regulatory compliance by planning to introduce up to six 8,000 TEU-class dual-fuel-ready vessels and up to seven 15,000 TEU-class LNG dual-fuel-fitted vessels.
'This deployment is expected to strengthen Yang Ming's core business, mitigating energy risks across the fleet, and maintain flexibility in future vessel types and fuel options. Through various strategic initiatives, Yang Ming aims to enhance its overall competitiveness while delivering efficient, sustainable, and secure services to its global customers,' the shipping company said.
'The International Monetary Fund's January 2025 World Economic Outlook projects a global economic growth rate of 3.3 per cent for 2025. On the supply side of the shipping sector, Alphaliner's latest analysis forecasts a 5.7 per cent increase in shipping capacity and a 2.5 per cent growth in demand for 2025,' Yang Ming said in its financial report.
However, the global trade outlook remains uncertain due to several key risk factors. US tariff policies could introduce inflationary pressures and higher operational costs, potentially impacting economic growth and trade flows, the company added.
'Meanwhile, the recent halt of the Israel-Hamas ceasefire agreement has increased uncertainties regarding carriers resuming operations in the Red Sea. Most carriers continue to reroute via the Cape of Good Hope to mitigate security risks.'
According to Drewry, once Red Sea transits resume, shipping lines may accelerate the scrapping of older vessels to better align with market conditions, the company noted, reports Manila, Philippines' PortCalls.
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The first three quarters of 2024 witnessed 'favourable market conditions', marked by increased cargo volumes and elevated freight rates, according to Yang Ming.
'In 2024, the container shipping industry experienced a net capacity increase of approximately three million TEU, leading to supply growth outpacing demand. Amid this challenge, factors such as vessel rerouting due to the Red Sea crisis and congestion at key ports helped absorb excess capacity. Additionally, the robust economic performance of emerging Asian markets contributed positively to global economic growth,' the company said.
Yang Ming said it responded by optimising its service network and fleet deployment, ensuring 'service reliability and capitalising on market opportunities to enhance operational performance'.
Looking ahead, Yang Ming is proactively addressing energy risks and regulatory compliance by planning to introduce up to six 8,000 TEU-class dual-fuel-ready vessels and up to seven 15,000 TEU-class LNG dual-fuel-fitted vessels.
'This deployment is expected to strengthen Yang Ming's core business, mitigating energy risks across the fleet, and maintain flexibility in future vessel types and fuel options. Through various strategic initiatives, Yang Ming aims to enhance its overall competitiveness while delivering efficient, sustainable, and secure services to its global customers,' the shipping company said.
'The International Monetary Fund's January 2025 World Economic Outlook projects a global economic growth rate of 3.3 per cent for 2025. On the supply side of the shipping sector, Alphaliner's latest analysis forecasts a 5.7 per cent increase in shipping capacity and a 2.5 per cent growth in demand for 2025,' Yang Ming said in its financial report.
However, the global trade outlook remains uncertain due to several key risk factors. US tariff policies could introduce inflationary pressures and higher operational costs, potentially impacting economic growth and trade flows, the company added.
'Meanwhile, the recent halt of the Israel-Hamas ceasefire agreement has increased uncertainties regarding carriers resuming operations in the Red Sea. Most carriers continue to reroute via the Cape of Good Hope to mitigate security risks.'
According to Drewry, once Red Sea transits resume, shipping lines may accelerate the scrapping of older vessels to better align with market conditions, the company noted, reports Manila, Philippines' PortCalls.
SeaNews Turkey
