Yang Ming Marine Transport Corporation broke records in earnings and revenue in 2022. The Taiwanese ocean transporter reporting combined profits of US$12.61 billion, and post-tax profit in the amount of US$6.06 billion.

But, Yang Ming’s board of directors at Yang Ming approved maintaining the cash dividend at 20 NTD (US$0.65) per share “given the risks in the industry of shipping as well as the firm’s dedication to sustainable business practices.

Demand for goods and freight rates were among the primary reasons that drove Yang Ming to record financial performance, however since the end of the 2022 quarter the purchasing power of Yang Ming is being eroded by the rise in the rising cost of living and inventory levels.

But, Yang Ming sees a possibility of a growth in the economy, noting that the International Monetary Fund’s (IMF) January report that increased the economic growth projection for the world for 2023 by 2.9 percent more than what it forecasted in October in the past.

Yang Ming added, “As China eases its restrictions and makes a slow reduction in inventory will likely boost general economic activity. The factors mentioned above are likely to result in a favorable environment for the shipping sector through the second half of this year.”

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