Yang Ming Marine Transport Corporation (Yang Ming) held its 390th Board Meeting today to approve the annual financial report for 2023. The Company achieved consolidated revenues of NTD 140.62 billion (USD 4.51 billion) and after-tax profits of NTD 4.77 billion (USD 153.26 million), with Yang Ming’s full-year EPS reached NTD 1.37.

Amidst inflation and economic growth slowdown in 2023, the overall freight levels of container shipping declined compared to 2022, which led to a reduction in Yang Ming’s annual revenues. In the latter half of the year, during the challenges of the Red Sea crisis, ongoing geopolitical conflicts, and Panama Canal drought restrictions, Yang Ming's primary strategy focused on maintaining stable services and ensuring safe navigation. Nevertheless, the Company maintained a stable performance throughout 2023.

According to Alphaliner’s latest shipping market supply and demand growth forecast, the global container ship capacity supply growth rate in 2024 is projected to be 9.7%, and 3% for the demand growth rate. With the surplus supply, container shipping industry still remains challenging for 2024. Although the International Monetary Fund (IMF) slightly raised its outlook for global economic growth to 3.1% in the latest World Economic Outlook (WEO) reported on 30th January this year, uncertainties persist due to geopolitical factors and extreme weather affecting global trade and shipping routes.

Faced with the volatile developments in geopolitics and the shipping market, Yang Ming will remain cautious in navigating these challenges. The Company will proactively adapt to market conditions by strengthening its business strategies and adjusting global service network and refining fleet planning. Yang Ming is committed to identifying sustainability trends to enhance its core competitiveness and overall operational performance accordingly.