- Yang Ming Marine Transport reported consolidated revenues of $6.94 billion for 2024, with a net profit after tax of $1.9 billion
- The first three quarters of 2024 experienced favorable market conditions, characterized by increased cargo volumes and freight rates
- Yang Ming plans to enhance its fleet with up to six 8,000 TEU-class dual-fuel-ready vessels and up to seven 15,000 TEU-class LNG dual-fuel-fitted vessels
- The company said the global trade outlook remains uncertain due to several key risk factors, including US tariff policies
Yang Ming Marine Transport Corporation reported consolidated revenues of NTD 222.71 billion (US$6.94 billion) for 2024, with a net profit after tax of NTD 64.18 billion ($1.9 billion) based on its latest financial report.
This translates to earnings per share (EPS) after tax of NTD 18.38. In light of these robust financials, the board has approved a cash dividend distribution of NTD 7.5 per share.
The first three quarters of 2024 witnessed “favorable market conditions,” marked by increased cargo volumes and elevated freight rates, according to Yang Ming.
“In 2024, the container shipping industry experienced a net capacity increase of approximately three million TEUs, leading to supply growth outpacing demand. Amid this challenge, factors such as vessel rerouting due to the Red Sea crisis and congestion at key ports helped absorb excess capacity. Additionally, the robust economic performance of emerging Asian markets contributed positively to global economic growth,” the company said.
Yang Ming said it responded by optimizing its service network and fleet deployment, ensuring “service reliability and capitalizing on market opportunities to enhance operational performance.”
Looking ahead, Yang Ming is proactively addressing energy risks and regulatory compliance by planning to introduce up to six 8,000 TEU-class dual-fuel-ready vessels and up to seven 15,000 TEU-class LNG dual-fuel-fitted vessels.
“This deployment is expected to strengthen Yang Ming’s core business, mitigating energy risks across the fleet, and maintain flexibility in future vessel types and fuel options. Through various strategic initiatives, Yang Ming aims to enhance its overall competitiveness while delivering efficient, sustainable, and secure services to its global customers,” the shipping company said.
“Looking ahead, the International Monetary Fund’s January 2025 World Economic Outlook projects a global economic growth rate of 3.3% for 2025. On the supply side of the shipping sector, Alphaliner’s latest analysis forecasts a 5.7% increase in shipping capacity and a 2.5% growth in demand for 2025,” Yang Ming said in its financial report.
However, the global trade outlook remains uncertain due to several key risk factors. US tariff policies could introduce inflationary pressures and higher operational costs, potentially impacting economic growth and trade flows, the company added. “Meanwhile, the recent halt of the Israel-Hamas ceasefire agreement has increased uncertainties regarding carriers resuming operations in the Red Sea. Most carriers continue to reroute via the Cape of Good Hope to mitigate security risks.”
According to Drewry, once Red Sea transits resume, shipping lines may accelerate the scrapping of older vessels to better align with market conditions, the company noted.
Yang Ming also said regulatory changes such as the European Commission’s Fit for 55 initiative have already implemented the EU Emissions Trading System for shipping in 2024, requiring carriers to submit carbon allowances based on CO₂ emissions. By 2025, the FuelEU Maritime regulation will introduce stricter greenhouse gas (GHG) intensity thresholds, compelling carriers to transition to cleaner fuels or face penalties. Furthermore, the International Maritime Organization is evaluating a GHG emissions levy starting in 2027, reinforcing the industry’s need for sustainable fuel solutions.
