Yang Ming reported first-quarter revenues of US$1.39 billion and net profit after tax of US$298.42 million with an EPS of NT$2.69.
Yang Ming said that in the first three months of the year, the supply chains of the container shipping industry saw challenges from the Red Sea crisis, leading vessels to divert to the Cape of Good Hope, which absorbed vessel capacity. Meanwhile, demand improved given the gradual enhancement in the manufacturing PMI of major economies, smooth inventory destocking on the client side, and manufacturers resuming production post-Chinese New Year.
According to Alphaliner, capacity supply growth in 2024 is expected to be at 9.7%, exceeding demand growth at 3%. However, there are still uncertainties in the maritime industry, with geopolitical factors causing vessel delays and port congestion. Furthermore, the Panama Canal transit restrictions continue despite an improvement in water levels.
The conditions are expected to persist until 2025, impacting vessel supply and stable service, according to Yang Ming, which said it remains “cautious and actively adjust business strategies for vessels, containers, and terminals to provide global customers with stable and efficient transportation services”.
