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TAIWAN ocean carrier Yang Ming posted a 2.7 per cent year on year profit increase in 2022 to US$6.06 billion, drawn on revenues of $12.6 billion, down 42 per cent.
In December alone, Yang Ming's revenue plunged a huge 53 per cent as collapsing spot rates dragged down higher contract rates.
And the carrier's outlook is far from optimistic for early 2023, yet still sees reasons to be positive for the second half of the year.
"As China lifts restrictions and with the gradual reduction in inventory, this might stimulate overall economic activity," said Yang Ming. "These factors are likely to create a relatively positive environment for the shipping industry in H2."
Yang Ming said it would "continue to strengthen its business strategy by exploring new business opportunities", as well as "optimising its cargo structure and improving space utilisation".
According to Alphaliner, Yang Ming is the ninth-ranked global container line in terms of capacity, behind South Korea's HMM and ahead of Israeli flag carrier Zim, with capacity of 705,614 TEU and a fleet of 93 ships, of which 42 are on charter.
Unlike its peers, its current orderbook is blank, albeit that earlier in the year the carrier was said to be on the verge of ordering five 15,000-TEU LNG-powered vessels.
"We have drawn up a shipbuilding plan based on the replacement of old ships and business needs, dependent on the development of environmental regulations, availability of alternative fuels and engine technologies," said Yang Ming.
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