Yang Ming Marine Transport Corporation (Yang Ming) reported higher revenue in the first quarter owing to elevated freight rates on the back of Covid-19 related measures in major Chinese cities.
The Taiwan-based shipping line said it posted consolidated revenues of NTD 106.7 billion (US$3.81 billion) in the first quarter of 2022 or an increase of 71.32% compared with NTD 62.28 billion (US$2.22 billion) in revenue from the same period of the previous year.
Yang Ming's net profit, after tax, was NTD 60.58 billion (US$2.16 billion).
"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," Yang Ming said in its statement.
"Despite the challenging environment, Yang Ming continues to deliver strong quarterly growth and profitability," it added.