Yang Ming Marine Transport (2609) Investor presentation summary

Macroeconomic and industry overview

• Global GDP growth is projected at 3.0% in 2026 and 3.4% in 2027, with China’s growth moderating and geopolitical tensions in the Middle East impacting global supply chains.

• The G20 Composite Leading Indicator has remained above 100 for 23 months, signaling ongoing economic growth.

• Manufacturing PMIs in the US, Japan, Eurozone, and Southeast Asia indicate expansion, while China is near contraction.

• US container port import volumes peaked later than usual in 2026, with a gradual decline expected from October.

• The container shipping market faces oversupply, with supply growth outpacing demand in 2026 and 2027.

Market and operational performance

• Crude oil prices have been volatile, fluctuating between $71 and $104 per barrel, influenced by geopolitical risks.

• Brent crude forecasts for 2026–2027 range from $60 to $100 per barrel, depending on geopolitical and market factors.

• Operational revenue is primarily from container shipping (93.8%), with logistics and bulk shipping as minor contributors.

• The company ranks ninth globally in shipping capacity, with 773,050 TEU and 99 vessels as of Q3 2026.

• Fleet expansion includes new LNG and methanol dual-fuel vessels, with a focus on environmental compliance and vessel renewal.

Financial results and trends

• H1 2026 operating revenue was NTD 84.6 billion, with net income of NTD 8.9 billion, both slightly down from H1 2025.

• Gross profit and operating income declined year-over-year, reflecting higher costs and market pressures.

• Average freight rates and fuel prices showed fluctuations, impacting margins.

• Gross and net profit margins have softened since 2025, but remain positive.

• Current ratio remains strong, while debt ratio is stable, indicating solid financial health.