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May 30, 2017

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U-Ming to get new ships ahead of rebound: Hsu

Douglas Hsu, chairman of the Far Eastern Group, said yesterday subsidiary U-Ming Marine Transport Corp. will get more new ships to respond to an upcoming rebound in the bulk shipping industry.

During a U-Ming shareholders' meeting yesterday, Hsu said the bulk shipping industry has fallen to its bottom and is expected to make a return.

According to the chairman, every industry has its ups and downs, and the same applies to bulk shipping, where business is determined by the global economy and the supply and demand of ships.

The bulk-shipping industry was affected by the downturn of 2011, he said.

He added last year U-Ming reported the following: consolidated revenue of NT$8.6 billion, net profit NT$2.7 billion, earnings per share NT$3.18, return on equity of 57 percent, and debt ratio 43 percent. The figures were better than those of its peers.

With the downturn still lingering, Hsu said performance of the industry will still depend on the market forces of supply and demand.

"The Baltic Dry Index has fallen to a low and is unlikely to drop further," he said. "A rebound is set to happen."

He said U-Ming must work harder to achieve further success. "We've got abundant cash at hand. We can use it to purchase new ships to replace the older ones," he said, adding that the new ships will arrive in 2013 or 2014.

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