Yang Ming 2Q earnings avoid sequential fall at the EBIT level as sequential fall
in revenue was offset by the reduction in operating expense, which is an
outliner.
Yang Ming led the container liner peers in 13% QoQ reduction in OPEX excluding
bunker, depreciation and SG&A, which consists of mainly port handlings and
equity repositioning. Among the liners, e.g. Maersk and Hapag Lloyd, that have
disclosed port handling expenses, unit costs for this item were down QoQ but the
drop is mostly off