Thanks to the strong recovery of container shipping worldwide, Yang Ming Marine Transport, one of Taiwan's leading cargo carriers, registered US$85 million in earnings in the first half, reported Taiwan Economic News.

Brighter outlook in the second half will enable the company to post full-year earnings exceeding $313.41 million.

Lin Wen-po, chief financial officer of Yang Ming, noted his company's debt ratio is 70 percent and can easily access financing. Projected earnings in 2010 and 2011 will enable the company to easily support capital spending.

Besides Yang Ming, the other two leading shipping firms, Wan Hai Lines and Evergreen Marine Corp, also reported handsome profits in the first half earlier last week. Wan Hai reported $52.5 million in earnings while Evergreen posted $126.46 million.

An industry insider attributed the outstanding performance of domestic shipping firms to the continual increase in freight rates over the past several months amid the economic recovery.
(Source:www.cargonewsasia.com)