Yang Ming Marine Transport Corporation (Yang Ming) has published its financial report for Q3 2023.
Yang Ming’s consolidated revenue for the third quarter was NT$ 35.9 billion ($1.13 billion), with an after-tax net profit of NT$ 2.81 billion ($90.73 million) and an after-tax EPS of NT$0.8 per share.
For the first three quarters of 2023, the consolidated revenue was NT$ 107.9 billion (US$ 3,488.55 million), with an after-tax net profit of NT$ 6.08 billion (US$ 196.49 million) and an after-tax EPS of NT$ 1.74 per share.
The overall revenue in Q3 remained consistent compared to the previous two quarters; however, freight rates were lower compared to the same period last year, resulting in a loss in revenue.
READ: Yang Ming surpasses $5.5 billion mark in first three quarters
According to Alphaliner’s latest shipping market supply and demand growth forecast, the global container ship capacity supply growth rate in 2023 is projected to be 8.4 per cent, and 1.4 per cent for the demand growth rate.
According to forecasts for 2024, the supply growth rate will rise to 9.1 per cent, while the demand growth rate will rise to 2.2 per cent.
As the supply/demand mismatch remains, a considerable disparity between supply and demand growth rates will prevail in 2024, posing an operational challenge for international shipping businesses – reported the firm.
In March, Yang Ming set a new record in consolidated revenues and after-tax profits for 2022.
Five months later, Yang Ming released its financial report for the first half of 2023.
