On Nov. 10, Yang Ming Marine Transport Corporation (Yang Ming) published its financial report for Q3 2023. The consolidated revenue for the third quarter was NT$ 35.9 billion (US$ 1,160.72 million), with an after-tax net profit of NT$ 2.81 billion (US$ 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 stable compared to the previous two quarters; however, the freight rates were down compared to the same period of last year, leading to a decrease in revenue compared to the same period of last year.
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%, and 1.4% for the demand growth rate. As for the projections for 2024, the supply growth rate will increase to 9.1%, and 2.2% for the demand growth rate. A significant gap between supply and demand growth rates will remain in 2024, presenting an operational challenge that international shipping companies will need to address, as the issue of supply-demand imbalance persists. With the recent continuous rise in the Shanghai Containerized Freight Index (SCFI), short-term market performance is also in line with the trend. However, with the arrival of Q4, traditionally the off-season for the European and American markets, container price and volume trends require further observation. Additionally, the overall development of the shipping market is expected to be affected by the ongoing global high inflation, international geopolitical tensions, and policy adjustments by the European Commission concerning the "Consortia Block Exemption Regulation" (CBER). Against this backdrop, Yang Ming will continue to closely monitor the changes in the regional markets, while maintaining real-time operational flexibility in terms of route planning and fleet planning in order to maintain top performance and global competitiveness, as well as abide by international competition regulations.
Source: Yang Ming
Source: Yang Ming
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