Taiwanese carrier Yang Ming today reported revenue of $6.94bn last year, representing a 54% increase over the $4.51bn it earned in 2023.
The carrier also unveiled plans to order 13 new box ships of between 8,000 and 15,000 teu.
It said net profit for the year came to $2bn, a massive increase over the $153m it reported for 2023, and reported “strong operational performance and profitability throughout the year”.
However, it did not disclose its volumes carried for 2024.
“The first three quarters of 2024 were marked by favourable market conditions, with rising cargo volumes and freight rates,” its commentary said. “In response to these dynamics, Yang Ming proactively optimised its service network and fleet deployment, ensuring service reliability and capitalising on market opportunities to enhance operational performance.”
It cited Alphaliner’s latest projections of a 5.7% increase in global shipping capacity against a 2.5% growth in demand for 2025, while also noting the IMF’s January World Economic Outlook global economic growth rate forecast of 3.3% for the year.
Other challenges facing the carrier included US tariffs, “which may lead to potential inflationary pressures due to rising operational costs and impact economic growth and trade activities”, and the recent halt of the Israel-Hamas ceasefire agreement, which “has increased uncertainties regarding carriers resuming operations in the Red Sea”.
It also noted that decarbonisation policies in Europe would also impact its operations.
“With the commencement of FuelEU Maritime in 2025, carriers face the challenge of meeting greenhouse gas (GHG) intensity thresholds or paying penalties,” explained the carrier. “The regulation sets lifecycle GHG emission intensity standards for marine fuels, with progressively stricter thresholds every five years.
Yang Ming added: “Following the board’s internal review of environmental regulations and the development of alternative energy technologies, the company has advanced its vessel optimisation plan for deploying up to 13 vessels.
“The plan includes up to six 8,000 teu dual-fuel-ready vessels and up to seven 15,000 teu LNG dual-fuel-fitted vessels,” it said.
Compatriot carrier Wan Hai also reported its 2024 financial results this week, showing it had reversed 2023’s $175m loss, posting a $1.4bn profit.
Revenues last year came in at $4.9bn, a 62% increase on 2023’s $3bn.
According to Alphaliner, Yang Ming currently has five vessels on order, for a total capacity addition of 77,000 teu, while Wan Hai has a far larger orderbook of some 31 vessels under construction, for 331,000 teu capacity.
Yang Ming is ranked by Alphaliner as the tenth-largest carrier and Wan Hai the eleventh, although their positions are likely to change after their newbuilding programmes are completed.
