Shipping
YANG MING SAYS HIGH FREIGHT RATES BOOSTED ITS Q1 PERFORMANCE
May 12, 2022

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.