The Red Sea crisis and emerging Asian markets helped Yang Ming Marine Transport Corp. to strong operational performance and profitability in 2024.

The Taiwan-based ocean carrier ( 2609.TW ) in a release said full-year consolidated revenues totaled $6.94 billion, up from $4.51 billion in 2023. Net profit after tax surged to $2 billion from $153 million.

The positive results came as global container shipping saw a net capacity increase of approximately 3 million twenty-foot equivalent units in 2024. Despite supply growth outpacing demand, several factors helped absorb excess capacity, including vessel rerouting due to the Red Sea crisis and congestion at key ports. The company also benefited from robust economic performance in emerging Asian markets.

The first three quarters of 2024 saw favorable market conditions, with rising cargo volumes and freight rates. The world’s ninth-largest liner operator did not disclose full-year container volume.

Looking ahead to 2025, Yang Ming cited Alphaliner data forecasting a 5.7% increase in shipping capacity and a 2.5% growth in demand. Uncertainties persist, including potential U.S. tariff developments and ongoing security concerns in the Red Sea region. It also said European Union environmental regulations present new compliance challenges for shipping.

Yang Ming said it is implementing several strategic initiatives, including strengthening its core business and enhancing existing alliances; accelerating its regional route strategy and penetrating emerging markets; optimizing fleet deployment to improve operational efficiency; and advancing a vessel optimization plan for up to 13 new ships, including dual-fuel-ready and liquefied natural gas dual-fuel-fitted vessels.

The new vessels, ranging from 8,000-to-15,000-TEU capacity, are likely to be deployed in intra-Asia service as well.

The company declared a cash dividend of 23 cents per share.

Find more articles by Stuart Chirls here.

Related coverage:

DP World sees record revenue, but profit slips

Amid ocean container liner gains, Zim earnings shine

OOCL sees strong 2024 results despite ocean shipping challenges

Arrival of world’s largest car carrier marks Texas port’s gateway strategy

​

The post Yang Ming profit soars on Red Sea diversions, emerging Asia markets appeared first on FreightWaves .