Evergreen Marine delivered remarkable financial results in the second quarter, posting a net profit after tax of NT$29.45 billion (US$933.7 million), an impressive 478.5% year-on-year increase. The net profit per share (EPS) for the quarter was NT$13.7 (US$0.43), pushing the first half of 2024 to an EPS of NT$21.86 (US$0.69). Cumulative net profit after tax for the first half reached NT$46.84 billion (US$1.49 billion), marking a 362.1% rise from the previous year.
The surge in global freight rates has significantly bolstered the performance of Taiwan’s leading container shipping companies, with Evergreen leading the charge. Collectively, the “Container Sanxiong,” comprising Evergreen, Yangming, and Wanhai, reported a combined profit of NT$86.3 billion (US$2.73 billion) for the first half, translating to a daily profit of NT$480 million (US$15.2 million).
Evergreen’s outlook for the second half of the year remains optimistic. With July revenue surpassing NT$50 billion (US$1.59 billion) for the first time in 22 months, the company is poised for continued success despite recent declines in freight rates. The ongoing geopolitical tensions in the Middle East and strong seasonal demand are expected to maintain elevated freight rates, particularly for long-haul routes to Europe and the U.S. East Coast.
Evergreen’s strategic deployment of its 24,000 TEU vessels on European routes has positioned the company to capitalize on these market dynamics, further enhancing its global competitiveness and profit margins in the upcoming quarters.
