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Taiwanese container shipping line carrying cargo on global east-west trade routes.
Taiwanese container shipping line carrying cargo on global east-west trade routes.
Is paid freight per container, on annual contracts and on the spot market, and spot-rate swings account for most of the change in earnings. It shares ship space with partner carriers in a shipping alliance instead of running every route alone. Taiwanese government-linked funds hold a large stake.
In one line: A smaller Matson/ZIM.
Moat: none (scale). Container shipping is a highly cyclical, capital-intensive commodity business.
Headquarters: Keelung, Taiwan · Founded: 1972 · Employees: 5,876
Size Yang Ming Marine Transport (2609.TW) is a Taiwan Industrials company (Marine Shipping) with a market value of $6.03B, the 78th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$57.10 on 6 Nov 2026.
Performance Over six months the shares gained 14.0%, against +10.2% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue fell 22.1% over the last twelve months (peer median +6.3%); the operating margin is 6.2% (peer median 19.0%).
Valuation It trades at 6.5× forward earnings against a peer median of 7.3× (9th cheapest of 20).
Capital Return on invested capital runs 0.1 points below its cost of capital (5.0% WACC).
Next results Next results expected around 18 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$164B | NT$164B | NT$223B | NT$141B | NT$376B |
| Revenue growth | — | -27% | +58% | -63% | — |
| Gross profit | NT$19.1B | NT$23.9B | NT$77.1B | NT$5.73B | NT$230B |
| EBITDA | NT$30.0B | NT$34.8B | NT$87.0B | NT$18.7B | NT$239B |
| Net income | NT$15.5B | NT$17.1B | NT$64.2B | NT$4.77B | NT$181B |
| Free cash flow | -NT$9.06B | NT$4.85B | NT$80.9B | -NT$15.6B | NT$206B |
| Capital expenditure | NT$38.4B | NT$35.7B | NT$7.09B | NT$14.8B | NT$8.60B |
| Total debt | NT$18.3B | NT$19.7B | NT$26.3B | NT$40.9B | NT$48.8B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Yang Ming Marine Transport 2609.TW | $6.03B | +14% | -22% | 6% | 6.5× | n/a |
| Evergreen Marine Corp(taiwan) 2603.TW | $16.1B | +28% | -20% | 15% | 5.0× | -9.1% |
| Wan Hai Lines 2615.TW | $9.12B | +40% | -14% | 22% | 5.8× | -12.0% |
| ZIM Integrated Shipping Services ZIM | $3.37B | +5% | -25% | 6% | 3.7× | 2.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2609.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.7% | -7.5% | 5th highest of 21 |
| 6-month return | +14.0% | +10.2% | 10th highest of 21 |
| Distance from 52-week high | -18.3% | -16.2% | 8th lowest of 21 |
| Revenue growth (TTM) | -22.1% | +6.3% | 2nd lowest of 20 |
| Operating margin | 6.2% | 19.0% | 3rd lowest of 21 |
| Forward P/E | 6.5× | 7.3× | 9th cheapest of 20 |
| ROIC minus cost of capital | -0.1 pp | +1.4 pp | 7th lowest of 21 |
| EV / EBITDA | 1.2× | 7.0× | cheapest of 14 |
| Net debt / EBITDA | -5.5× | 1.1× | least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Yang Ming Marine Transport 2609.TW | Taiwan | $6.03B | +14% | -22% | 6% | 6.5× | n/a | n/a |
| Matson MATX | United States | $6.34B | +16% | 0% | 14% | 10.9× | 11.8% | +7.0% |
| Kirby KEX | United States | $6.39B | -15% | +8% | 14% | 14.6× | 6.2% | +9.2% |
| Wallenius Wilhelmsen WAWI.OL | Norway | $7.58B | +29% | -11% | 25% | 10.4× | -6.6% | +21.0% |
| COSCO Shipping Specialized Carriers 600428.SS | China | $4.40B | +25% | +37% | 19% | 8.9× | -17.9% | +27.0% |
| Wan Hai Lines 2615.TW | Taiwan | $9.12B | +40% | -14% | 22% | 5.8× | -12.0% | +11.4% |
| COSCO SHIPPING Development 601866.SS | China | $3.87B | -10% | -3% | 13% | 3.8× | n/a | n/a |
| Hoegh Autoliners HAUTO.OL | Norway | $3.64B | +20% | -4% | 30% | 9.6× | -0.1% | +16.4% |
| Ningbo Zhoushan Port 601018.SS | China | $10.4B | -4% | +12% | 16% | n/a | -7.3% | +7.6% |
| ZIM Integrated Shipping Services ZIM | United States | $3.37B | +5% | -25% | 6% | 3.7× | 2.7% | +11.6% |
| Kawasaki Kisen Kaisha 9107.T | Japan | $11.0B | +17% | +11% | 8% | 9.4× | 7.3% | +10.2% |
| Star Bulk Carriers SBLK | United States | $2.99B | 0% | +6% | 28% | 5.7× | -0.1% | +8.5% |
| Shenzhen Yan Tian Port 000088.SZ | China | $2.97B | +2% | +19% | 12% | 16.5× | 21.8% | +10.1% |
| COSCO SHIPPING Energy Transportation 1138.HK | Hong Kong | $12.8B | -22% | +22% | 31% | 4.7× | 0.5% | +7.1% |
| OOIL 0316.HK | Hong Kong | $12.8B | +10% | -8% | 10% | 5.9× | -2.3% | +3.6% |
| Shanghai Jinjiang Shipping (Group) 601083.SS | China | $2.75B | +17% | +11% | 24% | 11.3× | -18.7% | +15.2% |
| Danaos DAC | United States | $2.70B | +10% | +2% | 48% | 5.3× | -8.7% | +17.7% |
| Capital Tankers CAPT.OL | Norway | $2.57B | +45% | n/a | 37% | 7.3× | n/a | n/a |
| Nanjing Tanker 601975.SS | China | $2.50B | -21% | +12% | 26% | 9.0× | -8.4% | +7.6% |
| T.S. Lines 2510.HK | Hong Kong | $2.48B | +38% | -4% | 19% | 5.8× | -6.9% | +9.8% |
| Mitsui O.s.k. Lines 9104.T | Japan | $15.0B | +10% | +20% | 6% | 7.3× | n/a | n/a |