TAIWAN's Yang Ming Marine Transport (YMM) has posed a net loss of TWD1.95 billion (US$65 million) for the first quarter of 2018, much deeper than the first quarter 2017 net loss of TWD 901.45 million.
On a bright note, Yang Ming said its year-on-year growth in revenues and volumes was better than expected, with consolidated revenues for the quarter reaching TWD31.03 billion, up 2.6 per cent, and volumes totalling 1.22 million TEU, up 9 per cent.
Yang Ming said its outlook for the 2018 container shipping industry remains conservative, with record levels of capacity expected to slightly exceed demand for the year, although it noted that an Alphaliner forecast projected demand will catch up with supply in 2019, reports American Shipper.
Last week, Yang Ming said it signed a memorandum of understanding with five other enterprises - Taiwan International Ports Corp Ltd (TIPC), Tungya Transportation & Terminal Co Ltd, Taiwan Navigation Co Ltd, T S Lines Co Ltd and Chunghwa Post Co Ltd - to establish a joint venture holding company.
The joint venture holding company will be located in Singapore and is expected to become operational by the end of the year.
"The MoU is expected to set a framework of creating a mutually beneficial cooperation platform between the six companies and seize overseas investment opportunities by using their respective expertise, exchanging experiences and sharing resources for the supply chain integration in shipping and logistics," Yang Ming said. "Through the collaboration, Yang Ming will seek to optimise its cost structure, strengthen competitiveness and expand global business."
BlueWater Reporting's Carrier Ranking Report shows Yang Ming is currently the world's ninth-largest ocean carrier in terms of operating fleet capacity, which stands at 617,178 TEU.
Sources:Schedule
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