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Yang Ming loses US$139m in 2019 due to chartering fines
来源： 编辑：编辑部 发布：2020/04/03 09:45:27
YANG Ming suffered a loss of US$139 million last year. The poor result was blamed on redelivering chartered vessels early, even though volumes were up four per cent.
The Taiwanese shipping line's revenue rose by five per cent compared to the previous year to $4.6 billion earned from carryings of 5.4 million TEU.
It said its earnings would have increased by $45 million if the ocean liner had not needed to pay charter party penalties on the return to owners of 13 "high-cost chartered vessels".
It added that the adoption of new IFRS 16 accounting measures on Yang Ming's leased containers and the high number of chartered ships - 70 per cent of its 90 vessels - was a further $29 million negative on its P&L account for the year, reported The Loadstar, UK.
The carrier said it would continue its strategy of redelivering chartered tonnage this year, and several of its older owned-vessels would be scrapped to accommodate an aggressive newbuild delivery programme of 24 ships with a total capacity of 198,000 TEU.
Yang Ming said it would deploy the newbuild 11,000 TEU vessels across its network, as well as "flexible" 2,800 TEU ships on shortsea routes to reduce its operating costs.
It also said its strategy was to increase the percentage of its owned box fleet "aimed at easing the pressure from the high leasing ratio".
Yang Ming said: "Looking ahead to 2020 in the aspect of operational strategies, with the cooperation of THE Alliance, including the addition of a new partner [HMM] and its extension through 2030, Yang Ming can upgrade its services through the most suitable vessel deployment, rationalised port rotations and improved transit times to facilitate the optimisation of its service network."
There was no mention in the report of the impact of the coronavirus pandemic on its business plan, although THE Alliance partner Hapag-Lloyd had warned its customers of "adjustments to the network" in the months to come.
New THE Alliance partner HMM will add 20 newbuild mega ships for an aggregate 400,000 TEU to the network this year and next. That will see the South Korean carrier take Yang Ming's spot in the global container rankings of eighth place, with a capacity of 800,000 TEU.
Hapag-Lloyd is currently the only profitable carrier within THE Alliance, achieving a net profit of $418 million in 2019.
According to Alphaliner, as part of the condition of its acceptance into the vessel sharing agreement (VSA), HMM has been required to contribute $25 million to THE Alliance's $75 million contingency fund, set up in March 2017, to act as a safeguard against one of the carriers declaring insolvency, to avoid another episode similar to the bankruptcy of Hanjin Shipping in 2016.
According to Alphaliner, Yang Ming will contribute $10.5 million to the fund, Hapag-Lloyd $16.3 million and ONE$23.3 million.
The Taiwanese shipping line's revenue rose by five per cent compared to the previous year to $4.6 billion earned from carryings of 5.4 million TEU.
It said its earnings would have increased by $45 million if the ocean liner had not needed to pay charter party penalties on the return to owners of 13 "high-cost chartered vessels".
It added that the adoption of new IFRS 16 accounting measures on Yang Ming's leased containers and the high number of chartered ships - 70 per cent of its 90 vessels - was a further $29 million negative on its P&L account for the year, reported The Loadstar, UK.
The carrier said it would continue its strategy of redelivering chartered tonnage this year, and several of its older owned-vessels would be scrapped to accommodate an aggressive newbuild delivery programme of 24 ships with a total capacity of 198,000 TEU.
Yang Ming said it would deploy the newbuild 11,000 TEU vessels across its network, as well as "flexible" 2,800 TEU ships on shortsea routes to reduce its operating costs.
It also said its strategy was to increase the percentage of its owned box fleet "aimed at easing the pressure from the high leasing ratio".
Yang Ming said: "Looking ahead to 2020 in the aspect of operational strategies, with the cooperation of THE Alliance, including the addition of a new partner [HMM] and its extension through 2030, Yang Ming can upgrade its services through the most suitable vessel deployment, rationalised port rotations and improved transit times to facilitate the optimisation of its service network."
There was no mention in the report of the impact of the coronavirus pandemic on its business plan, although THE Alliance partner Hapag-Lloyd had warned its customers of "adjustments to the network" in the months to come.
New THE Alliance partner HMM will add 20 newbuild mega ships for an aggregate 400,000 TEU to the network this year and next. That will see the South Korean carrier take Yang Ming's spot in the global container rankings of eighth place, with a capacity of 800,000 TEU.
Hapag-Lloyd is currently the only profitable carrier within THE Alliance, achieving a net profit of $418 million in 2019.
According to Alphaliner, as part of the condition of its acceptance into the vessel sharing agreement (VSA), HMM has been required to contribute $25 million to THE Alliance's $75 million contingency fund, set up in March 2017, to act as a safeguard against one of the carriers declaring insolvency, to avoid another episode similar to the bankruptcy of Hanjin Shipping in 2016.
According to Alphaliner, Yang Ming will contribute $10.5 million to the fund, Hapag-Lloyd $16.3 million and ONE$23.3 million.