Yang Ming Marine Transport Corporation (Yang Ming) has reported Q1 consolidated revenues of NT$43.8 billion ($1.39 billion).
The net profit after tax was NT$ 9.38 billion ($298.42 million), with an earnings per share of NT$2.69.
As the carrier noted, in Q1 2024, the Red Sea crisis hampered the container shipping industry’s supply lines, forcing vessels to reroute to the Cape of Good Hope, which absorbed vessel capacity.
Meanwhile, demand increased as major economies’ manufacturing PMIs gradually recovered, client inventory destocking went smoothly, and manufacturers resumed output after the Chinese New Year.
US, India, and other rising markets are exhibiting promising indications of revival, reported Yang Ming. China’s economic growth is anticipated to exceed expectations thanks to fiscal stimulus measures, while inflation is lowering in most economies.
READ: Yang Ming reports stable third-quarter revenues
According to Alphaliner’s most recent prediction, capacity supply growth in 2024 is anticipated to be 9.7 per cent, surpassing demand growth of 3 per cent. However, concerns remain in the marine industry, with geopolitical considerations generating turnaround delays and port congestion.
Despite improved water levels, Panama Canal limitations remain in place adding to the concerns. The circumstances are likely to last until 2025, affecting vessel supply and reliable service.
In March, Yang Ming began using sustainable biofuel in its fleet, beginning in Hong Kong and Singapore.
