Yang Ming's H2/20020 on the rise
Benefiting from strong freight rates and relatively low fuel costs, Keelung-headquartered Chinese shipping group Yang Ming was able to improve its figures despite the corona impact.
For H1/2020, the company’s consolidated revenues were down by 12% compared to the same period in the previous year to USD 2.2 billion, a reduction in business volume of 9.9% to 2.38 million teu shipped. Net loss for the first half year was at USD 29.49 million - yet, this result includes the loss from its dry bulk business of USD 30.53 million.
Q2/2020 was good for the container transport business - although business volumes were down 15% due to the Covid-19 outbreak, an operating profit of USD 18.6 million was achieved. As a result, Yang Ming reported narrowed losses of USD 2.25 million for the second quarter of 2020.
Yang Ming has now accelerated its fleet optimisation plan by adding fourteen 11,000 teu chartered vessels and ten 2,800 teu self-owned newly built vessels starting 2020. (mw)