News / Yang Ming looks to secure its fiscal position as rate correction hits

Cheng Cheng-Mount. Photo: Cecilia Chang

Record newbuilding orders and the reduction in vessel queues on the US west coast is threatening a sharp correction in freight rates, according to Yang Ming chairman Cheng Cheng-mount

The Shanghai Containerized Freight Index closed at 4,177.30 on 29 April, down 18.68 points from the previous week, marking a nine-month low.

And Mr Cheng said, at a media briefing, Yang Ming must improve its financials to brace for “freight normalisation”.

He said lockdowns in China and the Russia-Ukraine war could ease the logistics ...