Taiwan-based Yang Ming Marine Transport Corporation has set a new record in consolidated revenues and after-tax profits for 2022.
The company achieved NTD375.9 billion ($12.61 billion) in consolidated revenues and NTD180.6 billion ($6.06 billion) in after-tax profits, with full-year earnings per share reaching NTD51.71 ($1.68).
READ: Yang Ming surpasses $5.5 billion mark in first three quarters
Yang Ming’s robust performance in 2022 was driven by strong demand and high average freight rates in the container shipping market, according to the company’s latest statement.
The company’s purchasing power has been impacted by inflation and high inventory levels since Q4 of 2022, nonetheless, Yang Ming remains optimistic about the potential for economic improvement.
Yang Ming noted that China’s lifting of restrictions and gradual inventory reduction could stimulate overall economic activity, creating a relatively positive environment for the shipping industry in the second half of 2023.
In September 2022, Yang Ming welcomed its newest 11,000 TEU containership YM Trillion.
The vessel is chartered from Shoei Kisen Kaisha, Ltd. and built by Imabari Shipbuilding Co., Ltd.