The three Taiwanese liners' revenue (in USD) in May rose 2% MoM but fell 65% to
$1,388mn in aggregate, which is comparable to the levels in August and September
in 2020. The three Taiwanese liners in aggregate delivered $581mn operating
profit in 3Q 2020 on $384mn fuel expenses and $321/ton average fuel price. The
latest fuel expenses in 1Q 2023 was about $700mn on $631/ton average fuel price.