Evergreen Marine Corp. reported third-quarter net income nearly doubled from the previous period as freight rates climbed, though the Taiwanese container line’s performance remains well below pandemic-era highs. The company earned NT$217.46 billion ($6.8 billion) in the three months through September, up 98% from the second quarter, with earnings per share reaching NT$10.04 ($0.31).
Revenue climbed 12% sequentially to NT$969.20 billion ($30.3 billion), driven by higher shipping rates across key routes. The company’s gross margin expanded to 26.15%, while operating margin jumped to 22.73%, reflecting improved pricing power despite ongoing capacity challenges in the industry.
For the nine months through September, Evergreen posted net income of NT$600.62 billion ($18.7 billion), down 45% from the same period last year when rates were elevated. Earnings per share for the period totaled NT$27.74 ($0.87), marking the fourth-highest nine-month performance in company history.
The results come as container shipping rates have declined sharply from mid-2024 peaks, with spot rates on major Asia-US routes falling to levels last seen in late 2023. Carriers continue navigating around Africa’s Cape of Good Hope to avoid Red Sea disruptions, though this rerouting advantage has been offset by aggressive newbuild deliveries flooding the market.
Evergreen’s book value reached NT$249.78 ($7.80) per share.
