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Message from Chairman
Sustainability Leader
In the past year, the market environment and international laws and regulations of container shipping have changed drastically. The market environment has returned from the booming demand for transportation 2 years ago to the normal state of competition due to inflation in major economies, slowing economic growth, imbalance between the supply and demand of transportation capacity, geopolitical conflicts, etc. In the face of the constantly changing business environment, Yang Ming has continued to focus on its core business, and adopted stable flight services and navigation safety as its main strategy. As a result, the overall operating performance has remained stable
For important challenges to future operations, in terms of international laws and regulations, to strengthen anti-monopoly, the European Commission announced that the "Consortia Block Exemption Regulation" (CBER) will not be extended after it expires on April 25, 2024, indicating that the current provision of cargo transportation services for customers through alliance cooperation must return to compliance with the EU's general anti-monopoly regulations. In addition, according to the World Meteorological Organization's estimation, the global temperature in 2023 will be 1.4˚C higher than the preindustrial average, making 2023 the hottest year on record. Businesses are under more pressure than ever to cope with climate change. The European Parliament legislated to include marine transport into the European Union Emission Trading Scheme (EU ETS) in 2023 to require shipping companies to purchase EU allowances that are sufficient to cover 100% of their emissions by 2026. Meanwhile, the International Maritime Organization (IMO) reached a resolution at the 80th session of the Marine Environment Protection Committee (MEPC 80) in the same year to be committed to achieving (or nearly) net-zero GHG emissions 50 years ahead of schedule by 2050. The rapid changes or adjustments in the environment and regulations mean that the pressure facing future operations will no longer be limited to boom and bust cycles. We will also face the challenges of compliance costs, on-going climate change, and the era of digitalization.
Challenges represent opportunities for transformation. For the enhancement of green competitiveness, we have already set the Group's commitment to net-zero emissions reduction by 2050. In addition to the continuous reduction of carbon intensity, we also hope to achieve the goal of reducing our emissions year by year in line with our overall GHG emission reduction strategic plan.
Therefore, we have implemented several measures, such as deploying alternative fuel-capable and fuel-efficient ships, expanding the use of biofuels and shore power for ships, electrifying operating machinery, and having onshore business locations work with investees for progressive use of green energy to achieve the emissions reduction goal. We also fulfill our environmental responsibility as part of the customer supply chain in marine transport. At the same time, we actively join international organizations and work with relevant members of the maritime transport industry chain to jointly develop and promote the decarbonization strategy of the maritime transport industry, respond to climate change governance, march towards low-carbon transformation.
Ethical management is the foundation of business operations. Therefore, we strictly abide by antitrust regulations to ensure fair competition in the market. We have introduced the ISO 37001 anti-bribery management systems and joined the Maritime Anti-Corruption Network (MACN) to enhance the transparency and credibility of company operations, achieving sustainable corporate governance. To respond more flexibly to market changes and accelerate service innovation, we look forward to improving business process efficiency through digital employee empowerment and making good use of digital technology, such as multiple payment methods, LINE Bot, live camera platforms, AI vehicle flow recognition, and digital storage space management systems, e-D/O (electronic delivery orders), online manifest write-off and express pick-up services for customers to complete all operations online without visiting the container yard. Meanwhile, AI customer service is launched using artificial intelligence and the identification of dangerous goods is reinforced, in order to create a safer shipping environment, change traditional thinking to promote the digital transformation of the marine transport industry, and provide customers with better services.
Yang Ming also focuses on marine talent and environmental protection to implement the philosophy of social co-prosperity. This includes nurturing diverse talent and taking root in the cultivation of maritime talent through industry-academia collaboration; setting up the Yang Ming Cultural Foundation to invest in local social and cultural development and promote marine culture; and cooperating with professional organizations in a coral restoration project with which 1,016 coral have been cultivated in the past year and will be transplanted back to the sea to provide a foundation for nurturing and maintaining biodiversity in the local marine environment.
Looking back on 2023, we have won double recognition in the "Sustainable Comprehensive Performance Award" and "Corporate Sustainability Reports Award" categories of the TCSA Taiwan Corporate Sustainability Awards for 3 consecutive years. We have also been consistently included in the FTSE4Good TIP Taiwan ESG Index, Taiwan High Compensation 100 Index, MSCI AC Asia Pacific Index, and TWSE Corporate Governance 100 Index consecutively since 2021. This indicates that the market recognizes our business performance and sustainability achievements. However, as the challenges of sustainable operations are becoming increasingly severe. Yang Ming will actively develop a green transportation network, make good use of AI and digital tools, and strengthen operational resilience on the basis of environmental conservation and talent development, so as to provide customers with convenient, low-carbon, and safe transportation services.