News / Yang Ming chiefs deny receiving extra bonus as profits double in Q1

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Yang Ming has denied media reports that its chairman and GM, Cheng Cheng-mount and Patrick Tu, paid themselves an ex-gratia bonus after the Taiwanese operator’s earnings began rebounding from the final quarter of 2023.

The statement came a day before Yang Ming released its Q1 24 results today. As freight rates rocketed amid the Red Sea crisis, the Taiwanese mainline operator’s revenue was up 14% from Q1 23, to $1.39bn, while net profit more than doubled, to ...