Higher fuel prices hurt Yang Ming’s half-year results
A 25% increase in average fuel prices drove up operating costs for Yang Ming in the first half of 2018, causing the carrier to suffer a net loss of NTD5.76bn (US$ 195m).
The shipping industry still shows an oversupply in tonnage, noted the Taiwanese company, while average freight rates in the first half year were about 10% lower compared with the same period last year.
The shipping line still managed a 1.8% rise in consolidated revenues, totalling NTD64.6bn (US$2.19bn), benefiting from a 10.28% rise in volumes to 2.52m teu.
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