Yang Ming Marine Transport has finally returned to the black, with a net profit of $T1.3bn ($42m) in the third quarter, amid a recovery in the liner shipping markets.
The result came following a net loss of $T4.6bn and $T4.2bn during the corresponding period in 2016 and 2015 respectively.
Lifting volume also increased 11.1% year on year to 1.2m teu between July and September this year, while revenue jumped 23.4% to $T35.8bn.
The Taipei-listed carrier attributed the improvement to “the higher freight rates and a healthier supply and demand during the traditional peak season”, and to “strategic actions and initiatives designed to control operating costs” and “concerted efforts of its team members worldwide”.
For the first nine months, the company narrowed its net loss by 99% to $T82m.
“With continued support from its major shareholders and recent capital contributions, Yang Ming’s financial status will continue to improve, making it possible for Yang Ming to adjust its fleet scale in order to expand its service network.” the company said.
It added that it looked to tap into The Alliance’s networks to expand its presence in the Association of Southeast Asian Nations countries.
The company added: “With board approval, Yang Ming will work in conjunction with the Taiwan International Port Corporation on a joint investment project in Indonesia with the common goal to develop the shipping and logistics sectors for the benefit of Taiwan-based customers and Taiwanese industries.
“Additionally and in view of dynamic growth seen in regions worldwide, the Board has approved the establishment of a Mediterranean Regional Operating Center so that the company can optimize efficiency and provide customers with an integrated line haul service network in the region.”