Yang Ming Approves Procurement of LNG Dual-Fuel Container Ships

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.

Disclaimer for podcasts and articles

When you view, access or otherwise use our podcasts or articles, you acknowledge the application of this disclaimer:

Shipping Telegraph ApS provides no warranty, guarantee or representation as to the accuracy or sufficiency of the information featured in our podcasts or articles. The information, opinions, recommendations, content, etc. presented in our podcasts or articles are for information purposes only and do not constitute or replace professional advice. Any reliance you may place on the information provided in our podcast or articles is strictly at your own risk.

Unless it is specifically stated, Shipping Telegraph ApS does not approve, recommend or certify any product, process, service, organization, etc. presented or mentioned in our podcasts or articles. Any third-party materials, advertisements or content of any third-party referenced in our podcasts or articles do not necessarily reflect the opinions, standard or policies of Shipping Telegraph ApS, and Shipping Telegraph ApS cannot be held accountable hereof. Shipping Telegraph ApS is not responsible or liable for the accuracy, completeness or compliance with applicable laws of any third-party material, advertisements and content.

Shipping Telegraph ApS shall not be responsible for any errors or omissions contained in the podcasts, the articles or the website used to gain access hereto and reserves the right to make changes without notice. Shipping Telegraph ApS makes no warranty that our podcasts or articles, or the server making them available, are free of viruses, worms, etc.

Shipping Telegraph ApS expressly disclaims any and all liability or responsibility for any direct, indirect, punitive, incidental, consequential or other damages or other claims arising out of or in connection with any individual's and business entity's use of, reference to, reliance on our podcasts or articles or the information presented herein. By ticking the box, I agree with the disclaimer above.