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4-Traders Homepage  >  Equities  >  TAIWAN STOCK EXCHANGE  >  Yang Ming Marine Transport Corp.    2609   TW0002609005

YANG MING MARINE TRANSPORT CORP. (2609)
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Shanghai port, world's busiest, grapples with traffic congestion

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04/21/2017 | 12:15pm CET
FILE PHOTO: A man watches containers at the Yangshan deepwater port in Shanghai

SHANGHAI (Reuters) - The world's busiest container port, Yangshan in China's business hub of Shanghai, is battling severe congestion wrought by dense fog, higher-than-usual volumes and the aftermath of a shake-up in shipping alliances, ocean carriers and port officials say.

More than 100 container vessels are now waiting outside the port, where the average waiting time at berth last week went up 6.2 percent, to 18.2 hours, versus the previous week, according to shipping software provider CargoSmart.

CargoSmart said the fog started in early April and the congestion had worsened in the past few days, with few clues to when it might ease. Average delays for ships arriving at the port jumped more than 42 percent to 53 hours between April 16 and 18 from the start of the month, it said.

"We are making efforts to adjust and coordinate the entire port's resources and making every effort to provide customers with the fastest service," said a spokeswoman for Shanghai International Port Group (>> Shanghai International Port Group Co Ltd), which first flagged the situation last week in a statement on its website.

German container shipping line Hapag-Lloyd (>> Hapag-Lloyd AG) told customers in a notice on Thursday that it was monitoring the situation closely and working with the port to minimize delays.

Denmark's Maersk Line, part of A.P. Moller-Maersk (>> AP Moeller Maersk A/S), also confirmed that some of its vessels had been affected by the congestion.

"We are closely working with Chinese ports to address any operational challenges, and we have been able to maintain a very constructive dialogue with our terminal partners," a Beiijng-based spokeswoman for the company said.

A rejig in global container shipping alliances involving more than 10 ocean carriers, including Maersk, Hapag-Lloyd, COSCO Shipping (>> COSCO SHIPPING Holdings Co Ltd) <1919.HK> and Yang Ming Marine Transportation (>> Yang Ming Marine Transport Corp.) took effect on April 1, causing route adjustments and also putting into operation larger ships.

Executives also say demand for ocean freight has begun improving after years in the doldrums, fuelling an increase in volumes and rates.

Shanghai has been the world's busiest port by container volumes since 2010. It processed 37.1 million boxes last year, up 1.6 percent from the previous year, it said in a stock market statement last month.

(Reporting by Brenda Goh in SHANGHAI and Keith Wallis in LONDON; Editing by Clarence Fernandez)

Stocks mentioned in the article
ChangeLast1st jan.
AP MOLLER-MAERSK 1.68% 10040 Delayed Quote.-8.91%
COSCO SHIPPING HOLDINGS CO LTD 0.82% 6.13 End-of-day quote.-10.19%
HAPAG-LLOYD AG 2.06% 31.78 Delayed Quote.-5.13%
SHANGHAI INTERNATIONAL PORT (GROUP) CO LTD 2.36% 7.38 End-of-day quote.8.42%
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Financials ( TWD)
Sales 2017 133 B
EBIT 2017 624 M
Net income 2017 -510 M
Debt 2017 75 713 M
Yield 2017 -
P/E ratio 2017 -
P/E ratio 2018
EV / Sales 2017 0,75x
EV / Sales 2018 0,69x
Capitalization 23 579 M
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 5
Average target price 13,6  TWD
Spread / Average Target 34%
EPS Revisions
Managers
NameTitle
Vincent Lin President, GM & Chief Operating Officer
Chih Chien Hsieh Chairman
Wen Tsao Huang Chief Financial Officer
Jung Kuei Wu Director
Jin Ru Yen Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
YANG MING MARINE TRANSPORT CORP.806
AP MOLLER-MAERSK-8.91%33 979
BOLLORÉ0.22%16 364
COSCO SHIPPING HOLDINGS CO LTD-10.19%8 574
HAPAG-LLOYD AG-5.13%6 724
ORIENT OVERSEAS (INTERNATIONAL) LIMITED-1.59%5 918