Evergreen and Yang Ming, two of Taiwan’s leading shipping companies, have experienced a 25-30% increase in revenue during the first two months of the year. This further supports the likelihood of stronger financial performance in Q1 for many shipping firms.
Specifically, Evergreen Marine reported combined earnings in January and February totaling 44.9 billion New Taiwan dollars (TWD), representing a 30% year-on-year increase and 25% higher than the last two months of 2023.
Meanwhile, Yang Ming reported a 17% increase compared to the previous year, and a 30% bump from the preceding two months, with 24.0 billion TWD in revenue.
Although March revenue figures are not yet available, the Shanghai Containerized Freight Index (SCFI) averaged 2010 points throughout the entire first quarter, compared to 1089 points in the fourth quarter.
Despite poor results in Q4, the shipping companies announced that Q1 results would be better, but cautioned that 2024 profits would be front-loaded in the first half of the year.
In contrast, Wan Hai Lines, which has faced more challenges than its counterparts, experienced a more modest revenue increase in January and February, with an 8% year-on-year growth and 7% compared to November and December.
