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Wednesday, 16/03/2022, 07:36 (GMT +7)
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Evergreen's profit increased 9 times, reaching US$9.5 billion in 2021
Evergreen shipping line has achieved a 9-fold increase in profits to reach $9.5 billion in 2021 and is expected to repeat this stellar performance in 2022, as congestion in major ports of America and Europe continues.
Container ship of Evergreen shipping line (Photo: Evergreen)
Net profit of Evergreen shipping line (Evergreen Marine Corporation) has increased 9 times to US$9.5 billion in 2021. Not only that, Evergreen president - Mr. Eric Hsieh - said yesterday (March 15) that the company expects to repeat this stellar performance in 2022, as congestion in major US and European ports continues.
Speaking at Evergreen's 2021 results press conference, Mr. Hsieh said there are five reasons why freight rates will remain high.
“Firstly, demand exceeds the supply of shipping capacity. Customers are also committing to long-term contracts for shipments to the US and Europe, at higher rates. The third is that port congestion continues, and shipping companies are under pressure. The fourth is that US port workers’ wage negotiations won’t be smooth. Lastly, you have 40, 50 ships tied up in congestion. Although there the Russo-Ukraine war continues, we think this won’t be prolonged as the global economy will be affected."
A surge in online retail sales as more people convert amid the pandemic has boosted shipping demand, leading to a second consecutive year of record revenue for liner operators.
At the same time, Evergreen's 2021 revenue is 236% higher than the previous year, reaching US$17.67 billion. Transpacific volume accounts for 60% to 70% of Evergreen's sales, while Asia-Europe freight contributes the remaining 30%.
“It won’t be easy for freight rates to come down, so we’re optimistic about this year,” Hsieh pointed out, adding that while the shipping industry remains constrained in capacity, fleet of Evergreen continues to expand.
In 2022 and the next three and a half years, approximately 42 new ships will be delivered, with a total capacity of more than 550,000 TEUs, joining Evergreen's fleet. According to internal estimates, fleet capacity will increase by about 11%.
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Source: Phaata.com (According to Evergreen | ContainerNews)
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