Moving into the black, Taiwanese shipping company Yang Ming Marine Transport Corporation (Yang Ming) ended 2017 with a net income of TWD 0.32 billion (USD 10.98 million), compared to a net loss of TWD 14.9 billion seen in 2016.
The consolidated revenues totaled TWD 131.08 billion in 2017, up 13.59% when compared to TWD 115.4 billion recorded a year earlier.
Volumes in 2017 also increased to 4,722 thousand TEUs, up 9% year over year.
“Coupled with a recovering shipping market, the effort and dedication from team members worldwide helped Yang Ming’s move in the right direction and take the first step to success,” the shipping company said.
Apart from strengthening its operating strategies such as management centralization, Yang Ming said it has deployed strategies to optimize cargo structure, integrate information technology systems, and train staff.
“Yang Ming will continue to explore and develop new markets, optimize its fleet deployment, and take advantage of opportunities to minimize its operating costs and improve profitability,” Yang Ming added.
Last month, Yang Ming received a green light from its board to move forward with the fleet renewal plan announced in 2017. Under the plan, Yang Ming will order the construction of ten 2,800 TEU containerships and charter ten 11,000 TEU boxships. Investment in new tonnage comes on the back of the company’s cash-raising initiatives from last year.