SIMIC

Net profit surged 58 per cent to $1.9 billion in the second quarter up from $1.2 billion a year earlier, while revenues climbed 49 per cent to $3.8 billion, Yang Ming said in a filing to the Taiwan stock exchange.

For the first six months, net profit doubled to $3.9 billion from $1.9 billion last year. Total revenues rose 60 per cent to $7.2 billion compared with $4.5 billion a year earlier, reports IHS Media.

Yang Ming forecasts that full-year net profit will climb to a record $6.7 billion on revenue of $13 billion, up from $5.5 billion net profit and $11 billion in revenue in 2021.

First-half volumes edged up 2 per cent to almost 2.3 million TEU, buoyed by the launch of new services including the China-Australia 2 service in March and the reconfiguration of services by Yang Ming and its partners in THE Alliance in the spring.

The deployment of YM Trophy, the penultimate ship in a series of eleven 11,000 TEU container ships, on Yang Ming's trans-Pacific PS6 service in April also supported the increase in liftings.

Yang Ming also announced two-year extensions of charters for four 14,000 TEU container ships, including the YM Wish and YM World that are currently deployed on Asia-Middle East services, from Seaspan Corporation at a total cost of up to $110 million.