Evergreen's revenue up 35 percent in Q1

A container ship of Evergreen Line

Evergreen Shipping Line (Evergreen Marine Corporation) posted a net profit of TW16.17 billion (USD 567.13 million) in Q1 2021, reversing a net loss of TW 733.15 million (USD 24.24 million) in Q1 2020.

Evergreen shipping line's revenue were up 35 percent to TWD64.69 billion (USD 2.27 billion), according to unaudited preliminary data disclosed on May 6.

Despite concerns that the grounding and subsequent detention of the Evergreen-operated Ever Given in the Suez Canal would affect the Taiwanese carrier's earnings, its management has emphasized that that there is sufficient insurance to cover cargo claims.

Evergreen shipping line president Eric Hsieh said at a recent conference that several container ports, especially in the US West Coast, are congested and the situation is unlikely to be cleared. This, coupled with the slow return of empty containers, is certain that demand for empty container equipment still exceeds supply.

Predicting the shortage of empty containers will continue until the high season in Q3, Hsieh said that Evergreen expects "good results this year" as freight rates on the trans-Pacific and Asia-Northern Europe routes continue to set new highs.

Hsieh has stated that Evergreen is optimistic about the US and European economies and that consumer demand there will help growth in the container shipping industry.

The National Retail Federation estimated that US container imports in the second quarter would increase 26% year-on-year, with no signs of slowing down until August. Retailers hit a 30-year low in January and stockpiles will be the main driver of container shipping.

Source: Phaata (Adapted from ContainerNews)

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