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Yang Ming back in black with US$42 million profit as revenues soar 23pc

TAIWAN's Yang Ming Marine Transport Corp declared a third quarter net profit of NWT1.26 billion (US$42 million), reversing from a year-on-year loss of TWD14.88 billion. This year's result was drawn on revenues of NWT35.78 billion, an increase of 23.4 per cent.

Third quarter volumes surged 11.1 per cent to 1.24 million TEU, thanks to higher freight rates and healthier supply and demand.

Compared with revenues in the previous quarter of TWD33.23 billion, Yang Ming's third quarter revenues climbed 7.68 per cent.

Yang Ming said it would work on a joint investment project in Indonesia with the Taiwan International Port Corp "to develop the shipping and logistics sectors for the benefit of Taiwan-based customers and Taiwanese industries".

The company has plans for the establishment of a Mediterranean regional operating centre, allowing Yang Ming to "optimise efficiency and provide customers with an integrated line haul service network in the region".

As a member of the CKYHE Alliance, which also included Cosco, "K" Line, Hanjin and Evergreen, Yang Ming suffered as the rest did with the Hanjin bankruptcy, having shared space on its ships.

Hanjin's collapse resulted in over US$14 billion worth of cargo stranded at sea on 100 ships across the globe, according to Federal Maritime Commissioner William Doyle.

At the beginning of this April, Yang Ming began operating as part of the newly formed THE Alliance, which also includes Hapag-Lloyd of Germany; and "K" Line, MOL and NYK of Japan.