Yang Ming records first profits for ten quarters

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Taiwanese carrier Yang Ming managed to turn a $42m profit in the third quarter – the first in 10 quarters – as it reaped the benefit of rising volumes and stronger freight rates, as well as starting to win the rewards of its cost restructuring programmes. The news will likely buoy both investors and customers, as well as alleviate concerns in the Taipei government that it would require another round of state-backed financing.