Yang Ming Marine Transport Corporation posted a full-year net loss for 2018.
The company’s net loss after tax stood at TWD 6.59 billion (USD 213.7 million) in 2018, compared to a net profit after tax of TWD 0.32 billion seen a year earlier.
The consolidated revenues for 2018 totaled TWD 141.83 billion, up by 8.21 % compared to revenues of TWD 131.08 billion recorded in 2017.
Yang Ming’s 2018 operating results have been significantly impacted by higher global bunker fuel prices, which increased by 31.17% compared with the previous year.
Volumes in 2018 increased to 5,232 thousand TEUs, up 11% year over year when compared to 4,722 thousand TEUs handled in 2017.
“Despite the 11% volume growth due to strategies implemented in 2018, Yang Ming’s operating margins were eroded by higher bunker costs,” Yang Ming said in a statement.