Evergreen Marine Achieves Net Profit Exceeding USD 1 Billion
Evergreen Marine Corp (EMC), Taiwan’s largest carrier, announced a net profit of TWD 35.3 billion (USD 1.1 billion) for the fiscal year 2023, marking one of the highest operating margins in the industry and avoiding losses in the last quarter of the year. However, this figure represented a significant decline of 90% compared to the previous year’s profit of TWD 334.2 billion (USD 10.6 billion).
Despite the decrease in profit, revenues for the year amounted to TWD 276.7 billion, reflecting a 56% decline from the previous year’s figure of TWD 627.3 billion. Operating profits, or core earnings before interest and taxes (EBIT), reached TWD 39.1 billion (compared to TWD 382.7 billion in 2022), resulting in an operating margin of 14.0%.
With nearly 70% of its capacity allocated to the East-West trades, Evergreen benefited from the timely delivery of new vessels just after the onset of the COVID-19 pandemic. However, the company experienced a decrease in overall market share in 2023, dropping below 6%, as rival carriers expanded more rapidly.
Nevertheless, Evergreen remained profitable at both the operating and net levels throughout all four quarters of 2023. Additionally, the company recently signed a memorandum of agreement with the independent common carrier X-Press Feeders to utilize its containers on X-Press’ new dual-fuel green methanol vessels operating in Europe. The first of these 14 ships is scheduled for delivery in the second quarter of 2024.
