Yang Ming’s first quarter profit exceeds US$110 million
TAIWAN : Yang Ming reported first quarter revenues of US$1.22 billion and net profit of US$112 million with earnings per share (EPS) of NT$0.97.
According to the Taiwanese ocean carrier, the demand in the global market registered a downward incline because of the ongoing war in Ukraine, the consecutive imposition of interest rate hikes by the US Federal Reserve, and the current status of customer inventory, all of which stalled global economic recovery.
Furthermore, the maritime transport market in the first three months of the year suffered delayed shipping and operational constraints due to the Lunar New Year holiday, factories adjusting shipping schedules, and manpower allocation driven by market demand, said Yang Ming in a statement.
As a result, the company’s revenues were reduced for the entire quarter. “As different sectors gradually resumed business in March, there was a slight increase in the overall operation volume and the operation remained positive in the first quarter,” noted Yang Ming
On 12 May, Yang Ming held the 383rd Board meeting that passed the Q1 2023 financial report and approved the procurement of LNG dual-fuel container vessels.
The board meeting approved proceeding subsequent procurement procedures of five LNG dual-fuel container vessels, following the public and transparent international bid evaluation process. With these new ships, Yang Ming believes it will be able to optimise its fleet allocation, enhance the fleet’s overall competition, and operate more sustainably and environmentally-friendly by reducing energy consumption and carbon emission.