Supply Chain Research

Container-line Yang Ming reported third quarter revenues that rose 23% on a year earlier, the second best performance in the sector so far after COSCO Shipping. It was only in-line with analysts’ expectations, vs. Hyundai Merchant Marine which was 8% better. Yang Ming showed discipline in pricing, with the result that its EBITDA margin improved to 6.4%. That was better than the 5.7% expected by analysts, and is an important part of its longer term recovery. Yang Ming has further to go as it is still well below the industry average of 10%. Hyundai MM meanwhile continued to struggle, deliv...