By Mike Wackett (The Loadstar) - Less than a week after Taiwanese container line Yang Ming reported its first net profit in 10 quarters, media today reported that the carrier is on the verge of ordering ultra-large container vessels (ULCVs). The unconfirmed reports follow industry rumours last week that Hyundai Merchant Marine (HMM) was about to join the ranks of CMA CGM and … [Read more...]
Troubled Shipping Line Yang Ming Cuts Iran Service
By Jonathan Saul and Faith Hung LONDON/TAIPEI, April 21 (Reuters) - Taiwan's troubled Yang Ming Marine Transport Corp is halting its container service to Iran, becoming the first foreign shipping line to abandon the route a year after international sanctions on Tehran were lifted, according to a company source. Yang Ming, the world's ninth largest container shipping line, … [Read more...]
Yang Ming Share Trading Halted as Carrier Moves to Reduce Equity Capital
By Gavin van Marle (The Loadstar) - Trading in the shares of embattled Taiwanese carrier Yang Ming were suspended on the Taipei stock exchange yesterday to allow the company to reduce its equity capital by over half. The suspension is due to last until 4 May, as it decreases its share count from three billion to 1.4bn, a decline of 53%. In a brief statement to the … [Read more...]
Yang Ming Losses Continue to Mount After 2016 Slump
By Mike Wackett (The Loadstar) - Taiwanese ocean carrier Yang Ming has added a 2016 US$492m loss to the net deficit of $258m the previous year. Revenue plunged to TWD115.4bn, from TWD127.6bn in 2015. Lars Jensen, chief executive and partner at SeaIntelligence Consulting, today described Yang Ming’s financial performance as “very negative”. Although all deepsea … [Read more...]
Yang Ming: Reports of Impending Financial Death ‘Greatly Exaggerated’
By Mike Wackett (The Loadstar) - Yang Ming today sought to reassure customers and suppliers on its solvency as a global container carrier. The world’s ninth-largest carrier said: “Yang Ming is not in default of any obligations and suggestions otherwise are patently false. “As we head into the new year, Yang Ming assures its customers that it will remain absolutely … [Read more...]