U-Ming bullish on global recovery, rise in iron oreBy Kao Shih-ching / Staff reporterU-Ming Marine Transport Corp (裕民航運), a bulk shipper and member of Far Eastern Group (遠東集團), is upbeat about the bulk shipping business in the coming quarters on expectations of a recovery in the global economy, a rise in iron ore production and an expansion of grain exports from the US, the company said yesterday. Revenue increased 47 percent year-on-year to NT$3.6 billion for the first four months of the year, company data showed. The sign and logo of U-Ming Marine Transport Corp are pictured on the Taiwan Stock Exchange’s Web site yesterday. “As 70 percent of our fleet deliver as a spot charter, the rising BDI has a positive correlation with our revenue,” Chang said. Global demand for steel this year is expected to increase 4.1 percent, after a decline of 2.4 percent last year, and major miners expect to see a stable rise in iron ore production, so U-Ming expects strong demand for iron ore transport this year, he said.

Source: Taipei Times May 26, 2021 15:56 UTC