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29 July 2021 The on-line newspaper devoted to the world of transports 05:18 GMT+2

May 14, 2020

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Yang Ming files first quarter loss

The financial performance of the compatriot also fell Wan Hai Lines

In the first three months of 2020, the company's revenues Yang Ming navigation decreased by -1.2% compared to the same last year's period falling to 34.6 billion dollars Taiwan (1.2 billion U.S. dollars). Operating costs amounted to 33.0 billion (-1.6%) operating profit at 233.6 million U.S. dollars Taiwan (up 215.1%). Yang Ming closed the first quarter of this year with a net loss of -755.3 million compared to a Taiwan's net loss of -612.9 million dollars in the first three 2019. Keelung's company specified that the first quarter 2020 result was impacted recording of losses from subsidiaries of the group, including those operating in the bulk transport segment, for a total of about 330 million Taiwanese dollars. In addition, there impact of the slowdown in production after the Lunar New Year and the plan to reduce the capacity of containerized shipping due to the pandemic of Covid-19 adopted by THE Alliance, the consortium to which Yang Ming Hapag-Lloyd, HMM and ONE.

In the first three months of this year, the container fleet Yang Ming, which consists of 90 ships, carried 1.24 million teu (-4%). The company has disclosed that during the period, fuel costs were increased by 5%.

Meanwhile, compatriot Wan Hai Lines (WHL), which also operates a fleet of 90 smaller container carriers, ended the first quarter of 2020 with revenues of 18.0 billion Taiwan's dollar profit (up 4.1%), operating profit of 609.6 million (-32,2%) 93.3 million (-91.2%).

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