Taiwanese container line Yang Ming Marine Transport has formed a joint venture company in France to boost its operations there.
The new subsidiary Yang Ming (France) has been formed with NAXCO Group and started operations on 1 January.
The aim is to "further reinforce regional development strategy".
NAXCO is a privately owned French non-vessel operating common carrier (NOVCC) with interests in freight forwarding and logistics, as well as port and marine services.
As part of THE Alliance grouping, Yang Ming operates several weekly routes on Asia-Europe, intra-Europe and transatlantic trades, with regular services to and from Le Havre and Fos-sur-Mer in France.
European ambition
Yang Ming wants to increase its market share in Europe and the Mediterranean region, the company said.
"Yang Ming (France) will establish a stronger local presence in the French market with more extensive and efficient transport service," the company added.
The head office in the country will be in Le Havre, with a branch office in Marseilles.
In November, the group continued to reorganise its top management with the promotion of Patrick Tu to president and chief operating officer.
The executive was previously managing director of Yang Ming Line (Hong Kong), stationed in Shanghai and Ningbo, China, for many years.
New chairman and CEO
The move followed the appointment of the country's National Development Council’s deputy minister, Cheng-Mount Cheng, as chairman and chief executive at the state-controlled line. He replaced the retiring Bronson Hsieh.
Cheng was Citibank Taiwan’s chief economist between 2002 and 2012, before serving as president of the Academy of Banking and Finance and the Agricultural Bank of Taiwan.
The company revealed a third-quarter profit of TWD 2.74bn ($91.7m), against a net loss of TWD 1.38bn in 2019.
Revenue was TWD 38.9bn, from TWD 37.8bn a year ago.
