Yang Ming full year 2024 net income hits nearly $2b

Taiwanese shipping company Yang Ming Marine Transport Corporation convened its 401st board meeting today on Wednesday, March 12, and approved the company’s financial statements for fiscal year 2024.

For the year, Yang Ming reported consolidated revenues of NT$222.71 billion (US$6.94 billion) and a net income of NT$64.18 billion (US$1.999 billion), resulting in earnings per share (EPS) of NT$18.38 (US$0.56).

The board also approved a cash dividend distribution of NT$7.50 (US$0.23) per share.

Yang Ming said the first three quarters of 2024 were marked by favourable market conditions with rising cargo volumes and freight rates. In response to these dynamics, the company optimised its service network and fleet deployment, ensuring service reliability and capitalising on market opportunities to enhance operational performance.

Considering the company’s full-year profitability, future fleet renewal plan, and the ongoing uncertainties in the global trade environment, the board has approved a cash dividend of NT$7.50 per share to uphold financial stability and long-term sustainability.

Concurrently, Yang Ming continues to optimise fleet deployment to improve operational efficiency. Following the board’s internal review of environmental regulations and the development of alternative energy technologies, the company has advanced its vessel optimisation plan for deploying up to thirteen vessels.

The plan includes up to six 8,000TEU dual-fuel-ready vessels and up to seven 15,000TEU LNG dual-fuel-fitted vessels.

Yang Ming expects this deployment to strengthen its core business, mitigate energy risks across the fleet, and maintain flexibility in future vessel types and fuel options.