Evergreen Marine Corp (長榮海運) yesterday reported revenue of NT$60.34 billion (US$2.03 billion) for last month, the highest in a single month, despite average freight rates having fallen from a peak in January.
Last month’s revenue was up 59 percent from a year earlier and 3.4 percent higher than a month earlier, the company said.
Evergreen, the nation’s largest container shipper, registered annual growth of 77 percent in its second-quarter revenue to NT$174 billion, which it attributed to the addition of 10 new vessels to its fleet, including the Ever Art with 24,000 twenty-foot equivalent units (TEU).
Photo courtesy of Evergreen Marine Corp
The shipper’s fleet size grew from 201 in March to 203 last month, with combined capacity rising to 1.53 million TEUs last month from 1.51 million TEUs, company data showed.
Evergreen said it plans to receive four new vessels with 24,000 TEUs each by the end of this year.
However, falling freight rates lowered its annual revenue growth in the second quarter after the previous quarter’s 92 percent increase.
Overall, Evergreen’s cumulative revenue in the first half of the year grew 82 percent from a year earlier to NT$345 billion.
Separately, higher freight rates boosted the revenue of bulk shipper Wisdom Marine Lines Co (慧洋海運), which on Tuesday reported pretax profit of NT$6.95 billion for the first half of this year, up 182.04 percent from a year earlier and the highest for the same period in the company’s history.
Revenue grew 69.09 percent year-on-year to NT$13.33 billion in the first six months, the company said.
Average freight rates for small and medium-sized vessels slid in the second quarter, as the war in Ukraine disrupted supplies of grains and raw materials. The recovery being slower than expected in China’s manufacturing activities also weighed on freight rates, it added.
The decline should be temporary, as rates are expected to climb in the second half of this year on the back of resumed manufacturing activity in China and higher global demand for raw materials, the shipper said.
Wisdom last month took delivery of one new Panamax-type vessel with capacity of 823,000 deadweight tonnes, raising its fleet size to 141 vessels. The shipper plans to receive seven new vessels next year and another four in 2024, it said.
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