Taiwan shipping companies report revenue growth

Taiwan shipping companies report revenue growth

Taiwan’s top shipping companies, Evergreen Marine and Yang Ming, have experienced significant revenue growth in the first two months of the year, hinting at potentially robust financial performance for the first quarter. Evergreen Marine’s combined earnings for January and February reached TWD 44.9 billion (USD 1.4 billion), marking a 30% increase compared to the same period last year and a 25% rise from the final two months of 2023. Similarly, Yang Ming reported a 17% year-on-year revenue growth and a 30% surge compared to the previous two months, totaling TWD 24.0 billion.

Although March revenue figures are not yet available, the Shanghai Containerized Freight Index (SCFI) averaged 2010 points throughout the first quarter, significantly higher than the 1089 points recorded in the fourth quarter of the previous year.

In light of poor fourth-quarter results announced last month, shipping carriers anticipated better performance in the first quarter of 2024. However, they cautioned that profits for the year would likely be concentrated in the first half.

Wan Hai Lines, facing more substantial challenges than its counterparts, witnessed a modest revenue increase of 8% year-on-year and 7% compared to November and December, during January and February. The company had incurred operating losses in each quarter of 2023.

Source: Alphaliner

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