U-Ming Marine Transport Corp. reported a 71% jump in 2024 net profit to NT$4.68 billion ($146 million) as shipping rates climbed amid tight vessel supply and changing trade patterns. Revenue rose 14% to NT$16.3 billion.
The Taiwanese dry bulk shipping company announced a cash dividend of NT$3.2 per share, representing a 58% payout ratio and a 4.4% yield based on the March 6 closing price.
U-Ming’s board also approved a new venture through its subsidiary U-Ming Wind Energy, which will form a joint venture to build maintenance vessels for Taiwan’s offshore wind power market.
Looking ahead to 2025, the company cited three factors supporting dry bulk shipping rates: shifting supply chains creating new transportation demand, historically low newbuild orders, and environmental regulations accelerating vessel scrapping.
The company noted that Ukraine’s reconstruction needs over the next decade, estimated at $486 billion by the World Bank, should boost demand for steel, cement and timber shipments.
U-Ming added four vessels to its fleet in 2024 and has nine more ships on order. Its current fleet, including vessels under construction, totals 80 ships, with 94% classified as environmentally friendly compared to the industry average of 38%.
The company has set a long-term goal of expanding its fleet to more than 100 vessels with a combined capacity exceeding 10 million deadweight tons.
