News / Yang Ming and HMM the latest carriers to report plunging Q1 profits

15/05/2023

Yang Ming and HMM, the final members of THE Alliance to release first-quarter financial results, provided further evidence of the sharp liner market correction’s impact on bottom lines.

Taiwanese Yang Ming and South Korea’s HMM both saw profits slump in Q1, the latter saying there were “no signs” of a recovery in demand.

After recording a net surplus of $6.1bn in 2022, Yang Ming’s profit nose-dived to just $112m in the first three months of this year, a quarter that is expected ...