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U-Ming posts lower earnings in 2013

Taiwan's U-Ming Marine Transport Corp has reported lower earnings in the financial year ended 31 December 2013 amid the challenging business environment of the global dry bulk shipping industry.

Lee Hong Liang, Asia Correspondent

April 7, 2014

1 Min Read

Kalyakan - stock.adobe.com

The dry bulk shipowner posted a net profit of TWD1.56bn ($51.57m) last year, down from TWD1.82bn in 2012.

Revenue also dropped to TWD7.14bn from TWD7.64bn a year ago.

The dry bulk shipping market has been impacted by low freight rates due to an oversupply of ships, while operating costs have been climbing due to high bunker fuel prices.

U-Ming has managed to bring down its operating costs to TWD6.36bn in 2013 from TWD6.76bn in the previous year.

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

See more from Lee Hong Liang

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