Yang Ming profits from higher freight rates

Large container ship of Yang Ming Marine Transport Corporation at Shanghai Yangshan port

Yang Ming Marine Transport Corporation (Yang Ming) has reported strong financial results for the first quarter of 2022, posting revenues of NTD 106.7 billion ($3.5 billion).

The sum accounts for an increase 71.32 per cent compared with NTD 62.28 billion ($2.1 billion) from the same period of previous year.

The company’s net profit totalled NTD 60.58 billion ($2 billion) after tax.

As released, the record results were driven by higher level of freight rates resulting from solid demand, persistent COVID-related port congestion and pre-Chinese New Year cargo rush.

Last month, Yang Ming took delivery of the 11,000 TEU YM Trophy vessel to provide efficient transport between Asia and the Pacific Southwest.

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