A good year for Yang Ming, too
Taiwan-based Yang Ming Marine has reported its 2020 annual financial results. Consolidated revenues increased by 1.4% to NTD 151.28 billion (USD 5.11 billion) last year (2019: 5.03 billion), while handled volumes amounted to 5.07 million teu.
Yang Ming’s profit after-tax reached NTD 11.98 billion (USD 400 million). This success was driven by higher freight rates and relatively low bunker fuel prices, and held against a 6.63 % year-on-year decline in business volume.
In terms of fleet enhancement, the carrier took delivery of a total of six 2,800 teu self-owned new vessels and three 11,000 teu chartered-in vessels in 2020.
New cash is also underway: the shipping company intends to launch a domestic cash capital increase with the issuance of no more than 300 million new common shares, and conduct public underwriting by the way of book building. (cd)