Evergreen Marine Corp. saw revenue and profits plunge in the first quarter as unspecified higher container volumes were hit by weaker shipping rates.
The world’s seventh-largest liner (2603.TW) reported consolidated revenue fell more than 21% to $2.75 billion, while net profit after tax of $264 million was off 70% from the same quarter a year ago.
Global carriers have struggled with weaker rates even as container volumes post solid results, amid unbalanced capacity in the face of shipper uncertainty and higher operating costs as the Iran conflict pushes up the price of fuel.
Evergreen was hopeful that the approaching peak shipping season will boost rates and tariff issues drive shipper frontloading.
Read more articles by Stuart Chirls here.
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The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowThe night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowIndustry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
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