Yang Ming announced an increase in third quarter profits of 23.4 percent from the same quarter last year. At its board meeting on November 9, the company approved the financial report that showed revenues for the third quarter of 2017 rising to $1.2 billion from $958 million in the third quarter of 2016.
This was largely due to frieght rates increasing over the last few periods and higher that average demand during the annual peak season. Their volumes for the third quarter were reported at 1.2 million TEUs, an 11 percent increase from the same quarter last year.
The company also announced plans to expand its operations in the Mediterranean and South East Asia. Yang Ming is in talks with the Taiwan International Port Corporation to form a joint venture and invest in Indonesia. The project aims to provide logistics and shipping services to Taiwan based companies that trade with Indonesia.
The drive to bring in innovative technologies to streamline flow of containers and consiladate management structure has been responsible for the increase in profitablity. Growth in revenue and volume can also be attributed to better use of data analysis in booking cargo and revamped organizational protocols.