TAIWAN's evergreen Marine Corporation has reported one of its highest first quarter profits, according to evaluations by Alphaliner, reports Australia's Daily Cargo News.
The carrier last week announced Q1 2024 revenue was up by 34 per cent to TWD89.64 billion (US$2.80 billion) year on year, despite a 2 per cent decrease in liftings to 1,801,000 TEU (1,840,000 in Q1 2023).
Operating profit increased by 41 per cent to TWD15.65 billion, whilst net profit almost tripled to TWD18.22 billion (US$570 million). Q1 2023 figures were $365 million and $208 million respectively.
The carrier offered no commentary with its results.
Alphaliner noted that Evergreen, which is currently ranked 7th amongst container lines with a near 6 per cent global market share, did not give average rates per TEU but its nearest competitor, HMM, which is next in line in the rankings at number 8, revealed its rates had jumped 27 per cent year on year in the quarter.
The improvement in Q1 earnings has been particularly strong for mid-tier carriers, the consultancy said.
Evergreen operates nearly 70 per cent of its capacity on the East West trades, where head haul rates out of China have risen above the market average, it said. Unlike the majority of carriers, Evergreen managed to avoid falling into the red in 2023.
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The carrier last week announced Q1 2024 revenue was up by 34 per cent to TWD89.64 billion (US$2.80 billion) year on year, despite a 2 per cent decrease in liftings to 1,801,000 TEU (1,840,000 in Q1 2023).
Operating profit increased by 41 per cent to TWD15.65 billion, whilst net profit almost tripled to TWD18.22 billion (US$570 million). Q1 2023 figures were $365 million and $208 million respectively.
The carrier offered no commentary with its results.
Alphaliner noted that Evergreen, which is currently ranked 7th amongst container lines with a near 6 per cent global market share, did not give average rates per TEU but its nearest competitor, HMM, which is next in line in the rankings at number 8, revealed its rates had jumped 27 per cent year on year in the quarter.
The improvement in Q1 earnings has been particularly strong for mid-tier carriers, the consultancy said.
Evergreen operates nearly 70 per cent of its capacity on the East West trades, where head haul rates out of China have risen above the market average, it said. Unlike the majority of carriers, Evergreen managed to avoid falling into the red in 2023.
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