Yang Ming Marine Transport Corp (陽明海運), the nation’s second-largest container shipping company by fleet size, on Friday took delivery of a new 2,800 twenty-foot-quivalent unit (TEU) Feedermax container vessel from CSBC Corp, Taiwan (CSBC, 台灣國際造船).
The new vessel, YM Continuity, is the ninth delivery of an order of 10 Feedermax vessels placed with CSBC.
It uses new technology to optimize the ship’s hydrodynamic performance and has a newly developed fuel control system to help enhance energy efficiency, Yang Ming said in a news release.
Photo courtesy of Yang Ming Marine Transport Corp
“The installation of scrubbers will help Yang Ming fulfill its promise to reduce emissions of nitrogen oxides and sulfur oxides,” the company said.
The YM Continuity would be deployed on the company’s Japan-Taiwan-South China route from Thursday next week and significantly enhance its intra-Asia service network, it said.
Analysts have said that Yang Ming’s enlarged fleet is expected to boost the company’s revenue and earnings during peak season for regional shipping in Asia.
Yang Ming on June 4 reported net profit of NT$8.87 billion (US$317.8 million) for April, up 5,061.88 percent from a year earlier due to strong demand and rising freight rates.
Earnings per share were NT$2.66, an increase of 3,425 percent from last year.
In the first four months of this year, earnings per share were NT$10.15, Yang Ming said in a Taiwan Stock Exchange filing.
Cumulative revenue in the first four months was NT$108.02 billion, up 94.72 percent year-on-year, company data showed.
Capital Investment Management Corp (群益投顧) forecast that Yang Ming’s net profit would continue rising through the third quarter, as port congestion as well as a blockage of the Suez Canal in April have caused a container shortage and delayed delivery schedules, leaving limited capacity in the market and further boosting freight rates.
“Looking forward, the container shipping sector’s supply and demand dynamics might develop in positive directions,” Capital said in a report on Tuesday, estimating that Yang Ming’s net profit would reach NT$29.09 billion in the second quarter and NT$36.95 billion in the third quarter, compared with NT$24.59 billion in the first quarter.
Yang Ming shares rose 1.34 percent to close at NT$151 on Friday in Taipei trading, after surging 416.24 percent since the beginning of this year, compared with the broader market’s 18.81 percent rise over the period, exchange data showed.
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