Evergreen's Q3 profit plunges nearly 90pc with revenue up 11pc
TAIWAN's Evergreen Marine Corp Ltd has posted third-quarter profit from continuing operations of TWD87
TAIWAN's Evergreen Marine Corp Ltd has posted third-quarter profit from continuing operations of TWD87.4 million (US$2.65 million), an 89 per cent from the TWD771.2 million profit recorded in the same period last year, according to a filing with the Taiwan Stock Exchange's Market Observation Post System.
However, Evergreen said total operating revenue was 11 per cent higher at TWD49.86 billion in the third quarter of this year compared to TWD44.91 billion in the third quarter of 2018.
Evergreen had said earlier in June that it thought there would be stable growth in Southeast Asian freight volumes this year, according to a report in the Taipei Times.
Evergreen is a member of the Ocean Alliance, a space-sharing agreement with CMA CGM/APL, Cosco and OOCL. Alphaliner ranks it as the seventh-largest container carrier, with 112 owned and 92 chartered ships with a total of about 1.3 million TEU of capacity.
Evergreen has announced plans to aggressively expand its fleet in the next few years, reports New York's FreightWaves.
An investor presentation in July 2019 said it had 63 ships on order, with capacities ranging in size from 1,800 to 20,000 TEU and deliveries scheduled through 2022. After those ships were delivered, it said its capacity would reach 1.66 million TEU.
Since then, Evergreen said in August that it would add even more ships - building five or six ships with 23,000-TEU capacity each and chartering four or five similar-size ships.