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Evergreen adopts conservative outlook despite 24pc rise in revenue

EVERGREEN Marine Corp achieved revenue growth of 24 per cent over the first five months of the year to total NTD77

Evergreen adopts conservative outlook despite 24pc rise in revenue

EVERGREEN Marine Corp achieved revenue growth of 24 per cent over the first five months of the year to total NTD77

26 June 2019 - 19:00

EVERGREEN Marine Corp achieved revenue growth of 24 per cent over the first five months of the year to total NTD77.1 billion (US$2.48 billion), driven by the expansion of cargo volumes to the US and Southeast Asia.

The company says cargo volume to ASEAN rose stably after seeing annual growth of 15 per cent over the past two years.



It holds a conservative outlook for this year as the US-China trade row has slowed the growth of Asian exports to the US. However, it is confident it would improve its competitiveness by deploying 58 new vessels on routes in Southeast Asia, reported Taipei Times.



'We thought that we would have to battle against headwinds, but it turned out that we secured a lot of long-term contracts, as our clients trusted us and aimed to secure space amid uncertainty stemming from the trade dispute,' Evergreen Marine chairman Anchor Chang was quoted as saying.



Excluding the Dragon Boat Festival week, the shipping line has since April sent ships to the US with practically all of their containers full, he said.



With the trade dispute increasing the rate that companies are moving production from China to ASEAN, the company expects to find growth momentum with Vietnam, Thailand, Indonesia, Malaysia, Cambodia and the Philippines, Mr Chang said.



The carrier has bought 58 vessels ranging in size from 1,900 to 2,800 TEU, as the majority of ports in the region can only handle smaller vessels.



To date, the company has taken delivery of 18 2,800 TEU vessels, and will receive another 40 by 2022, Mr Chang said, adding that it would put aging vessels out of service once it receives the new ships.



Evergreen Marine's total freight volume would rise in line with global market growth, or an average of four to five per cent within the coming five years, he predicted.


WORLD SHIPPING

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