Evergreen limits revenue decline to 55% in 2023
Evergreen Marine Corp (EMC) was the best performer among Taiwan’s container carriers in 2023 in terms of limiting its revenue decline versus the previous year.
The 7th largest carrier globally reported a final revenue of TWD 277 bn (USD 8.9 bn) for the year, after earnings rose slightly in the final
month.
The result was a significant drop from 2022’s TWD 627.1 bn, but in percentage terms was at the higher end of revenue results reported by carriers so far for 2023, at a relatively satisfactory –56% y-o-y.
Compatriot lines Yang Ming and Wan Hai Lines reported a greater deterioration in revenue at -63% and -61 % year-on-year respectively.
Meanwhile OOCL last week posted annual revenue of USD 7.5 bn for 2023, a 60% drop on the USD 18.7 bn earned in 2022.
First quarter 2024 carrier results should see a significant bump as rates continue to rise on the impact of the Red Sea conflict. The Shanghai Containerized Freight Index (SCFI) reached 2,206 points on Friday, an increase of nearly 30% over the past fortnight.
