Image credit: Yang Ming
Yang Ming has approved the procurement of LNG dual-fuel container vessels in its 383rd board meeting held on 12th of May.
The shipping liner giant has approved the procurement of LNG dual-fuel container vessels, while it reported its first quarter consolidated revenues for 2023 which reached in total US$ 1.22 billion. The net profit after tax stood at US$ 112 million.
The company saw its revenue suddenly decline as the demand in the global market registered a downward incline because of the ongoing war between Ukraine and Russia.
“The maritime transport market in the first quarter suffered delayed shipping and operational constraints due to the Lunar New Year holiday, factories adjusting shipping schedules, and manpower allocation driven by market demand,” says the shipping liner.
As it is explained the revenues as a result of these parameters were reduced for the entire quarter. However, there was a slightly increase in the overall operation volume and the operation remained positive in the first quarter.
Now with the new ships in its fleet portfolio Yang Ming hopes that will be able to optimize its fleet allocation, enhance the fleet’s overall competition, and operate more sustainably and environmentally-friendly vessels, by reducing energy consumption and carbon emission.
Yang Ming cites information from the latest report from Alphaliner about the supply and demand which is growing by 8.3% and 1.4% respectively.
As it said, an oversupply still hold sway in the maritime transport market, with supply and demand growing respectively by 8.3% and 1.4%. As the supply of ships are still being impacted by the increasingly stringent international environmental regulations, the world’s maritime shipping operators comply with such laws by decreasing speed or expediting the replacement of old ships. “This will help balance the supply and demand. In addition, with the IMO addressing issues concerning GHG emission goals and carbon reduction in the coming July, the supply of ships in the future could be impacted.”
In accordance with Alphaliner’s newest data from April 2023, around 4.4% of the world’s container fleets lie in idle, gradually down from the recent peak of 6.4%, indicating signs of recovery in the maritime transport market. The operational performance will be positively benefitted if the global supply chains’ inventory absorption for the second half of the year can continue and the performance in the traditional peak season can be maintained.
However, given the uncertainties affecting the global maritime transport market such as geopolitics, regional economy, and international conservation laws, due caution and proper response are of utmost importance, as it is furthermore said.
