Yang Ming Marine Transport continues to reorganise its top management with the promotion of Patrick Tu to president and chief operating officer.
Tu has been chief strategy officer and executive vice president since earlier this year, having joined the Taiwanese owner in 1992.
"He has extensive experience in the departments of commercial and strategy development, with broad expertise of business development and liner planning," the boxship and bulker company said.
Tu was previously managing director of Yang Ming Line (Hong Kong), stationed in Shanghai and Ningbo, China, for many years.
This has helped him build up the ability to explore market opportunities on the "frontline", Yang Ming said.
The move follows the appointment of the National Development Council’s deputy minister Cheng-Mount Cheng as chairman and chief executive at the state-controlled line, replacing the retiring Bronson Hsieh.
Complementary strengths
"While the upward trend appears to continue in the global shipping industry for the second half of 2020, it is expected that with the complementary strengths of finance and shipping from chairman Cheng and president Tu, Yang Ming will be able to build a stronger workforce and achieve higher business growth in the future," the shipowner said.
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 also 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.
Volumes down in third quarter
Volumes dropped 11% to 1.28m teu due to market uncertainty caused by the Covid-19 pandemic.
Inventory build-ups across supply chains in the US and Europe have been seen since the first wave of lockdowns eased in August, Yang Ming said.
The restrictions had increased demand for hygiene products, home improvement materials and home office and exercise equipment, leading to a rebound in container shipping demand and boosting freight rates.
The owner is projecting a continuation of these trends in the fourth quarter.
