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CBOE GLOBAL MARKETS INC.

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Cboe Global Markets : Yang Ming Trims First Quarter Loss With Container Volumes

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05/15/2019 | 12:38pm EDT
Cboe - Market News Story
Yang Ming Trims First Quarter Loss With Container Volumes

FreightWaves 5/15/2019 10:57:18 AM

Yang Ming Marine Transport narrowed its first quarter 2019 loss thanks to higher volumes of container shipments.

The Taiwanese liner operator reported first quarter revenue of $1.14 billion, up 5 percent from a year earlier. The company's net loss, after tax was $22 million in the first quarter, compared to a $67 million loss reported in the first quarter of 2018.

Container volume of 1.29 million twenty-foot equivalent units (TEU) was also up 5 percent year-over-year.

'Despite the traditional slack season in the first quarter and the rising operating cost resulting from the 11 percent increase in oil prices compared to last year, Yang Ming has cut down its losses,' the company said in a statement. 'The financial report has shown continued year-on-year growth in both volume and revenue.'

Analyst firm Alphaliner recently forecasted a growth in supply at 3.1 percent with demand rising at 3.6 percent for 2019. Yang Ming said the outlook 'signals an improving supply-demand market.'

It said the company's fleet of new vessels is 'well prepared to meet with the upcoming IMO [International Maritime Organization] 2020 low-sulfur regulations.'

The post Yang Ming trims first quarter loss with container volumes appeared first on FreightWaves.

Image sourced from Pixabay



Disclaimer

CBOE Holdings Inc. published this content on 15 May 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 15 May 2019 16:37:04 UTC

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Managers
NameTitle
Edward T. Tilly Chairman, President & Chief Executive Officer
Christopher A. Isaacson Chief Operating Officer & Executive VP
Brian N. Schell Chief Financial Officer, Treasurer & Executive VP
Eric Crampton Chief Technology Officer & Senior Vice President
Janet P. Froetscher Independent Director
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