Taiwanese container line Evergreen Marine Corp posted annual net profit of TWD 334 billion (USD 10.9 billion) attributable to parent owners, the best result in the company’s history. The result represented a 40% increase over 2021 earnings.
Despite this, fourth-quarter results were still a sharp drop from a year earlier: revenue fell 29% year-on-year to TWD 111bn, while quarterly net profit fell 63% to TWD29.8bn. TWD.
Evergreen has consistently delivered some of the highest operating margins in the pandemic and its results show increasing divergence with Taiwanese carriers Yang Ming and Wan Hai Lines.
Since March 2020, Evergreen has taken delivery of over 300,000 TEUs worth of new ships, allowing it to take advantage of high rates without retiring expensive charter tonnage and cutting back on a low-cost basis.