Douglas Hsu Chairs U-Ming Shareholder Meeting for Father, Lays Foundation for Sustainable Growth
U-Ming Marine Transport's shareholder meeting was held on May 21, chaired by Vice Chairman Douglas Hsu on behalf of his father, Chairman Hsu Hsu-Tung. Hsu stated that in response to challenges in the shipping industry, the company will enhance operational resilience and build a foundation for sustainable growth by adopting AI and entering the offshore wind and LNG transport sectors. President Wang Shu-chi expressed optimism, predicting a very healthy bulk shipping market for the next two to three years due to increased demand and constrained supply. The meeting approved the fiscal year 114 financial report, a cash dividend of NT$2.8 per share, and revealed expansion plans to grow the fleet to over 100 vessels.
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- 📰 Published: May 21, 2026 at 11:14
- 🔍 Collected: May 21, 2026 at 11:31 (17 min after Published)
- 🤖 AI Analyzed: May 21, 2026 at 11:47 (15 min after Collected)
U-Ming Marine Transport's shareholder meeting took place today, with Vice Chairman Douglas Hsu once again presiding on behalf of his father, Hsu Hsu-Tung. He stated that over the past year, the shipping industry has been volatile, but U-Ming has strengthened its operational resilience, laying a foundation for sustainable growth. General Manager Wang Shu-chi noted that freight rates at the beginning of the year broke the usual seasonal weakness, and "the market will be very healthy for the next two or three years."
At the shareholder meeting today, Vice Chairman Douglas Hsu again substituted for Chairman Hsu Hsu-Tung and delivered his address entirely in Mandarin for the first time.
He stated that over the past year, the shipping industry has faced rapidly changing challenges. U-Ming has maintained safe and reliable operations. Amid uncertainty caused by supply chain disruptions, U-Ming has preserved its financial strength, maintained a balanced chartering strategy to reduce profit volatility in the spot and charter markets, continuously improved operational efficiency, introduced digitalization and AI, and entered the offshore wind market to diversify risks. Overall, this will strengthen U-Ming's operational resilience, lay the foundation for sustainable growth, and incorporate new technologies like AI for energy conservation.
Douglas Hsu also showed shareholders a video of his inspection of a newly built natural gas carrier in South Korea.
For fiscal year 114, U-Ming's consolidated revenue reached NT$15.566 billion, with a net operating profit of NT$3.704 billion and a net profit after tax of NT$3.64 billion. Earnings per share (EPS) were NT$4.31. The shareholder meeting also approved a cash dividend of NT$2.8 per share.
As of the end of the first quarter of this year, U-Ming's accumulated undistributed earnings and legal reserves totaled NT$21.551 billion, equivalent to about NT$25.5 in distributable earnings per share, indicating a robust financial position. Furthermore, U-Ming's consolidated revenue for the first quarter of this year was NT$3.892 billion, with a net profit after tax of NT$988 million, a more than threefold increase year-on-year.
U-Ming Marine Transport's General Manager, Wang Shu-chi, said that freight rates at the start of the year broke the past pattern of seasonal weakness, with Capesize vessel rates leading the way, indicating a significant strengthening of market structure and confidence. The development of the Simandou iron ore mine in West Africa and the growth of bauxite exports from Guinea continue to drive long-haul transport demand, significantly boosting tonne-mile growth and becoming a key driver supporting the large bulk carrier market.
On the supply side, he pointed out that in 2026, more than 3,000 ships are expected to undergo their third special survey peak. Protracted dry-docking for repairs will suppress short-term market supply, helping to support overall freight rate levels. The BDI index for 2026 is already showing an upward trend, and the bulk shipping market is gradually emerging from its cyclical trough and entering a structural recovery phase. "The market will be very healthy for the next two or three years," he said.
In the third quarter of this year, U-Ming's first liquefied natural gas (LNG) carrier will join the operating fleet, further expanding its energy transportation portfolio. Additionally, U-Ming's board of directors approved in the second quarter the construction of four 210,000-ton Capesize and four 64,000-ton Ultramax bulk carriers, advancing toward the "dual growth" target of a fleet exceeding 100 vessels and a total deadweight of over 10 million tons.
U-Ming continues to expand in the Asia-Pacific offshore wind market. Its subsidiary, U-Ming Marine Offshore (UMO), has jointly established U-Ming Purus Offshore Holding (UPO) with the UK's Purus Group to enhance regional offshore wind operation and maintenance capabilities.
At the shareholder meeting today, Vice Chairman Douglas Hsu again substituted for Chairman Hsu Hsu-Tung and delivered his address entirely in Mandarin for the first time.
He stated that over the past year, the shipping industry has faced rapidly changing challenges. U-Ming has maintained safe and reliable operations. Amid uncertainty caused by supply chain disruptions, U-Ming has preserved its financial strength, maintained a balanced chartering strategy to reduce profit volatility in the spot and charter markets, continuously improved operational efficiency, introduced digitalization and AI, and entered the offshore wind market to diversify risks. Overall, this will strengthen U-Ming's operational resilience, lay the foundation for sustainable growth, and incorporate new technologies like AI for energy conservation.
Douglas Hsu also showed shareholders a video of his inspection of a newly built natural gas carrier in South Korea.
For fiscal year 114, U-Ming's consolidated revenue reached NT$15.566 billion, with a net operating profit of NT$3.704 billion and a net profit after tax of NT$3.64 billion. Earnings per share (EPS) were NT$4.31. The shareholder meeting also approved a cash dividend of NT$2.8 per share.
As of the end of the first quarter of this year, U-Ming's accumulated undistributed earnings and legal reserves totaled NT$21.551 billion, equivalent to about NT$25.5 in distributable earnings per share, indicating a robust financial position. Furthermore, U-Ming's consolidated revenue for the first quarter of this year was NT$3.892 billion, with a net profit after tax of NT$988 million, a more than threefold increase year-on-year.
U-Ming Marine Transport's General Manager, Wang Shu-chi, said that freight rates at the start of the year broke the past pattern of seasonal weakness, with Capesize vessel rates leading the way, indicating a significant strengthening of market structure and confidence. The development of the Simandou iron ore mine in West Africa and the growth of bauxite exports from Guinea continue to drive long-haul transport demand, significantly boosting tonne-mile growth and becoming a key driver supporting the large bulk carrier market.
On the supply side, he pointed out that in 2026, more than 3,000 ships are expected to undergo their third special survey peak. Protracted dry-docking for repairs will suppress short-term market supply, helping to support overall freight rate levels. The BDI index for 2026 is already showing an upward trend, and the bulk shipping market is gradually emerging from its cyclical trough and entering a structural recovery phase. "The market will be very healthy for the next two or three years," he said.
In the third quarter of this year, U-Ming's first liquefied natural gas (LNG) carrier will join the operating fleet, further expanding its energy transportation portfolio. Additionally, U-Ming's board of directors approved in the second quarter the construction of four 210,000-ton Capesize and four 64,000-ton Ultramax bulk carriers, advancing toward the "dual growth" target of a fleet exceeding 100 vessels and a total deadweight of over 10 million tons.
U-Ming continues to expand in the Asia-Pacific offshore wind market. Its subsidiary, U-Ming Marine Offshore (UMO), has jointly established U-Ming Purus Offshore Holding (UPO) with the UK's Purus Group to enhance regional offshore wind operation and maintenance capabilities.