Yang Ming achieves record annual revenues and profits10/03/2023
Yang Ming Marine Transport Corporation marked new records in its annual revenues and profits in 2022 with the Taiwanese ocean carrier reporting consolidated revenues of US$12.61 billion and after-tax profits of US$6.06 billion.
However, the board of directors of Yang Ming approved maintaining the cash dividend at NTD 20 (US$0.65) per share, “given the uncertainties of the shipping industry and the company’s commitment to sustainable operations.
Strong demand and high freight rates were the main factors that led Yang Ming to record financial results, but since the last quarter of 2022, purchasing power has been diminished by inflation and high inventory levels.
However, Yang Ming sees a potential improvement in economic activity, mentioning the International Monetary Fund’s (IMF) January report which has raised the global economic growth forecast for 2023 to 2.9%, which is higher than its October forecast last year.
Yang Ming added, “As China lifts restrictions and the gradual reduction of inventory, it might stimulate overall economic activity. These factors are likely to create a relatively positive environment for the shipping industry in the second half of the year.”
Source: Container News