Yang Ming Marine Transport Corporation (Yang Ming) has announced its financial results for the first quarter of 2024, revealing robust performance despite challenges faced by the container shipping industry.
During the 392nd Board Meeting held on May 10th, Yang Ming approved its Q1 financial report, reporting consolidated revenues of NT$ 43.8 billion (US$ 1.39 billion). The company achieved a net profit after tax of NT$ 9.38 billion (US$ 298.42 million), with an earnings per share (EPS) of NT$ 2.69.
In Q1 2024, the container shipping industry grappled with challenges stemming from the Red Sea crisis, prompting vessels to divert to the Cape of Good Hope, thus impacting vessel capacity. Despite these challenges, Yang Ming experienced improved demand, attributed to enhancements in the manufacturing Purchasing Managers’ Index (PMI) of major economies, efficient inventory destocking, and manufacturers resuming production following the Chinese New Year.
Going forward, the global GDP growth rate for 2024 was revised upwards by the Organization for Economic Cooperation and Development (OECD) to 3.1%, indicating steady economic growth. However, geopolitical risks persist, and uncertainties loom over the maritime industry. Alphaliner’s latest forecast anticipates capacity supply growth exceeding demand growth in 2024, further complicating the landscape.
Amidst shipping oversupply and geopolitical uncertainties, Yang Ming remains cautious and committed to adjusting its business strategies for vessels, containers, and terminals. The company aims to provide stable and efficient transportation services to its global customers amidst the evolving industry landscape.
Source:Yang Ming
