News / Yang Ming posts $6bn profit, but sees rough seas ahead

Taiwanese ocean carrier Yang Ming produced a net profit of $6.06bn in 2022, but by the fourth quarter, its figures were heading towards breakeven.

Last year’s record profit was achieved from a turnover of $12.61bn, however, in Q4 revenue dropped 42%, compared with the same quarter of 2021, to $1.96bn.

In December alone, Yang Ming’s revenue plunged a huge 53% as collapsing spot rates dragged down higher contract rates.

And the carrier’s outlook is far from optimistic for early 2023, but does see ...