Yang Ming Marine Transport Corp (陽明海運) on Thursday said that its new subsidiary in Thailand is expected to begin operations today.
The company is looking to tap into opportunities from Southeast Asia’s rapid economic growth, while heeding the government’s New Southbound Policy, it said.
Thailand is in a vital strategic position at the center of the region with strong links to neighboring countries, where steadily growing economies have been driving up shipping volumes, Yang Ming said.
Yang Ming Line (Thailand) Co is to help the company reinforce its port and logistics networks, in addition to improving its import, export and transship cargo services, the company said.
To maintain high-quality service in Thailand, the firm plans to offer a variety of weekly direct-calling options at major ports, as well as shuttle services between Thailand’s Laem Chabang and Bangkok, Singapore and Kaohsiung.
The Bangkok-based unit is the latest addition to the company’s network of 24 subsidiaries across the globe, Yang Ming said.
The company reported net losses of NT$82.41 million (US$2.76 million) in the first three quarters of last year, narrowing by 1 percentage point from a year earlier on higher freight rates, market share gains and improved cost efficiency.
In the first 11 months of last year, the firm’s cumulative sales rose 15.54 percent annually to NT$120.26 billion.
Although cargo shippers have begun recovering from a capacity glut-induced downturn, with supply expansion increasing 3.9 percent against a 6.4 percent growth in demand, the outlook appears gloomier this year, Jih Sun Securities Investment Consulting Co (日盛投顧) said in a note on Dec. 21.
Citing findings by consultant Alphaliner, Jih Sun forecast that a 5 percent demand growth this year could be offset by an anticipated 5.4 percent growth in capacity.
However, following continued losses since 2015, global cargo shippers have become more hesitant against excess capacity expansions, while alliances between carriers would bring further cost savings, Jih Sun said.
Yang Ming shares on Friday closed at NT$11.5 on the Taiwan Stock Exchange. The stock jumped 138.59 percent last year.
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