Yang Ming Marine (YMM) reported NTD16.3bn or $534mn (on 30.6 NTD/$) for December
revenue. In US dollars, the counter was down 58% YoY and 14% MoM. In aggregate,
4Q22 revenue was $1.9bn, down $1.4bn or 42% QoQ. Given most of of the decline
was driven by much lower freight rates. YMM's 4Q net earnings could be down over
$1bn, against the $1.6bn reported for 3Q.