Yang Ming reports smaller loss in Q2 2017
Date: Friday, August 11, 2017
Source: American Shipper
Yang Ming Marine Transport in the second quarter of 2017 posted a net loss of 445 million new Taiwan dollars (U.S. $14.7 million), a 90 percent reduction from the same quarter a year ago and down 51 percent from NTD 901 million in first quarter 2017, according to the company's most recent financial statements.
The Taiwanese ocean carrier reported consolidated revenues of NTD 33.2 billion (U.S. $1.1 billion) for the quarter, up 19.6 percent from Q2 2016, as container transport volumes rose 6.81 percent year-over-year to 1.15 million TEUs.
"Yang Ming’s first half 2017 financial results show consistent improvement," said the company.
For the first half of 2017, Yang Ming’s consolidated revenues totaled NTD 63.48 billion, while volumes totaled 2.28 million TEUs, a 10 percent increase from the same period a year prior.
The carrier said it "has taken the initiative to control costs and to develop a new strategy to optimize its financial position" since last fall. "Coupled with a stabilized 2017 market, Yang Ming’s internal efforts have helped to grow its volumes and revenues substantially in 2017, as evidenced by Yang Ming’s year-to-date results," said the company.
According to ocean carrier schedule and capacity database BlueWater Reporting, Yang Ming operates or purchases slots on a total of 75 direct region-to-region liner services. The carrier is also a member of the recently formed THE Alliance, along with Hapag-Lloyd, MOL, NYK and "K" Line.
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