Yang Ming Marine Transport Corporation has secured US$ 269.41 million of funding from the Taiwanese government’s financial support program for the shipping industry.
Ho Hsiu-chi, chief financial officer, Yang Ming, said that the funding will be in the form a low interest loan, between 1.1% and 1.5%, with the first year of interest subsidised by the Taiwanese government.
Currently, the Taiwanese government has a 45% holding in Yang Ming through the Ministry of Transportation and Communications and the National Development Fund.
The low interest loan is similar to the financial support provided to CMA CGM by the government of France and the support provided to HMM by the government of South Korea. Recently, Pacific International Lines confirmed that it is negotiating a financial support package with the Singapore government’s investment company Temasek Holdings.