Yang Ming Confirms Fleet Replacement Plans

Yang MingIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license

Taiwanese shipping company Yang Ming Marine Transport Corporation (Yang Ming) is considering available options aimed at replacing over 10 vessels from its fleet which are about to be off-hired or retired in the next 2 to 3 years.

“However, everything is still in the initial stage and under discussion, it’s too early to provide you with more information at this moment,” a spokesperson for Yang Ming told World Maritime News.

The statement was made on the heels of local media reports that tied Yang Ming to an order for up to 20 new boxships ranging from feeders to mega containerships.

The spokesperson explained that the exact number was “raised incidentally” while the company spoke with local media on its future strategic plans following the release of its third-quarter results.

Yang Ming returned to the black in the third quarter of 2017, booking a profit of TWD 1.26 billion (USD 42 million), as opposed to the loss recorded in 2016.

The company’s loss-making streak protracted into this year as well, as it posted net losses of TWD 901 million and TWD 445 million in the first and second quarter of 2017, respectively.

Yang Ming attributed the improved financial status from the third quarter to “a combination of strategic actions and initiatives designed to control operating costs and the concerted efforts of its team members worldwide”.

Yang Ming’s Q3 consolidated revenues were TWD 35.78 billion, surging 23.4% from the corresponding period last year when the company reported revenues of TWD 28.99 billion.

Volumes in the third quarter of this year totaled 1.24 million TEUs, a jump of 11.1% year-on-year.

As Yang Ming’s financial health continues to recover, the company said it was looking into opportunities to expand operations and improve its service network.

World Maritime News Staff

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