News / Pessimistic Yang Ming to refocus on 3PL, terminals and yards

© Rafael Henrique

Yang Ming’s management said at its AGM today that oversupply in container shipping is expected to worsen.

U-turning from an optimistic position in March, Yang Ming president Patrick Tu Shu-chin blamed geopolitics, inflation and massive newbuild deliveries.

Mr Tu was speaking a fortnight after Yang Ming disclosed that Q1 23 net profit plunged to $112m, a situation confronting all its peers as cargo volumes and Covid-19-related port congestion ease off.

Mr Tu said: “We believe that as supply chain bottlenecks are gradually alleviated, ...