Taiwan-based freight forwarder and logistics operators T3EX Global Holdings Corp (T3EX, 台驊國際) and Dimerco Express Corp (中菲行) this week reported robust revenue growth for last month on the back of surging sea freight rates.
T3EX’s revenue hit a record NT$3.69 billion (US$132.99 million) for last month, up 192 percent from a year earlier, as sales from its sea freight forwarding business surged 287 percent to NT$2.82 billion, also a new high for a single month, the company said in a statement.
T3EX said that ongoing congestion at seaports amid the spread of the Delta variant of SARS-CoV-2 has continued to push up sea freight rates, which in turn boosted its revenue last month.
Photo courtesy of United Logistics International Co
The rising revenue also stemmed from the company winning new clients as it gained more capacity from shippers, T3EX said.
Revenue from T3EX’s air cargo forwarding operations grew 58 percent year-on-year to NT$518 million, accounting for 18 percent of its overall revenue, while sales from sea freight forwarding made up 70 percent, it said.
Dimerco on Monday reported record revenue of NT$3.47 billion for last month, up 72 percent year-on-year.
Sales from Dimerco’s air cargo forwarding operation grew 55 percent to NT$1.8 billion, accounting for 51 percent of its overall revenue, while that from sea cargo forwarding advanced 199 percent to NT1.56 billion, it said.
For the first eight months of the year, Dimerco’s revenue rose 49 percent annually to NT$21.8 billion, close to its full-year revenue of NT$22.9 billion last year, company data showed.
Cash-strapped developer China Evergrande Group (恆大集團) has begun repaying investors in its wealth management products with real estate, said Hengda Real Estate Group Co Ltd (恆大地產), its main unit. Evergrande, with more than US$300 billion in liabilities, is in the throes of a liquidity crisis that has left it racing to raise funds to pay its many lenders and suppliers. It has a bond interest payment of US$83.5 million due on Thursday. The company said on WeChat on Saturday that investors interested in redeeming wealth management products for physical assets should contact their investment consultants or visit local offices. Financial news outlet Caixin on
‘CORE VALUES’: The contract chipmaker did not specify why the employees were dismissed, but media reports said they had leaked information about customer orders Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has fired seven of its employees for violating the company’s “core values,” the world’s largest contract chipmaker said yesterday. While the company did not disclose exactly why it fired the seven employees, local media reports earlier in the day said that the employees had leaked confidential information about customer orders. In a statement, the company said that it fired the seven at once, adding that it released an internal notice last week to inform the entire company of the move ahead of the four-day Mid-Autumn Festival holilday, which ended on Tuesday. TSMC said it fired the seven
Alphabet Inc’s Google on Tuesday announced plans to buy a New York office building for US$2.1 billion, confirming its push into the US’ largest city despite the COVID-19 teleworking trend. This is the largest real-estate purchase in the US for an office building since the beginning of the global spread of COVID-19, the Wall Street Journal quoted Real Capital Analytics as saying. Google already rents the premises in Manhattan, which are located on the site of a former railroad terminal in the Hudson Square neighborhood. The Silicon Valley giant envisions a campus with a total surface area of 160,000m2 by mid-2023
MILD ADJUSTMENT: Two previous efforts failed to curtail mortgage financing, although the new measures should not affect property prices, the central bank governor said The central bank yesterday tightened credit controls for second-home mortgages in specific areas and purchases of plots of land, especially in industrial parks. However, the nation’s top monetary policymaker kept its policy rate at a record-low 1.125 percent for the sixth consecutive quarter, despite revising up its GDP growth forecast for this year from 5.08 percent to 5.75 percent. “Board members factored in economic uncertainty at home and around the world,” central bank Governor Yang Chin-long (楊金龍) said, adding that growing inflationary pressure was a temporary phenomenon induced by bad weather and a low base effect for oil prices. International fuel price increases