Yang Ming Reports Operational Loss for 2023
Taiwan’s second-largest shipping line, Yang Ming, faced a net operating loss of -TWD 1.7 billion (-USD 53.4 million) in 2023 due to what it described as a year of “inflation and economic slowdown.” Despite this, the company managed to show a positive result in its bottom line.
A significant decline in freight rates led to a 63% year-on-year decrease in Yang Ming’s annual revenues, amounting to TWD 140.6 billion. Nonetheless, the company reported a net profit of TWD 4.7 billion for the year, marking a drastic 97% decrease from the TWD 180.6 billion profit recorded in 2022.
In response to challenges such as the Red Sea crisis and the Panama Canal drought restrictions, Yang Ming’s primary focus in the past year was on maintaining stable services and ensuring safe navigation. Looking ahead, the company aims to strengthen its business strategy, adjust its service network, and optimize fleet planning.
Despite the International Monetary Fund (IMF) recently revising its global economic growth outlook for 2024 to 3.1%, Yang Ming remains cautious due to persistent uncertainties in the market. The IMF forecasts a similar growth rate of 3.2% for 2025.
