Market Overview

Evergreen Reports Sharp Increase In Second Quarter Gross Profit

Share:
Evergreen Reports Sharp Increase In Second Quarter Gross Profit

Evergreen Marine Corp. (TWSE:2603) reported a second quarter 2019 gross profit of nearly 3.7 billion New Taiwan Dollars (NTD), or about US$118.6 million, compared to about 109 million NTD in the second quarter of 2018. The company's results were reported on the Taiwan Stock Exchange EMOPS system.

Evergreen had a loss of about 447.5 million NTD in the second quarter of 2019, down from a loss of 1.776 billion NTD in the second quarter of 2018.

Taiwan's largest container shipping company, Evergreen also is the seventh largest by capacity in the world, according to Alphaliner, 

Evergreen reported operating revenue of 47.1 billion NTD in the second quarter of 2019, compared to 38.3 million NTD in the second quarter of 2018.

The company also said that it will add 23,000 TEU containerships to its fleet through the actions of two subsidiaries, though the exact size of the fleet addition is not clear. Greencompass Marine, which is indirectly owned by Evergreen Marine will build five to six of the ships at a cost of $725 million to $960 million (U,S), while another subsidiary Evergreen Marine (Hong Kong) Ltd. will charter four to five of the ships at a cost of about $599 million-$800 million according to information posted on EMOPS. 

A company spokesman said details of the fleet addition are still under negotiation.

Image Sourced from Pixabay

Posted-In: Freight Freightwaves Logistics Q2 earningsEarnings News Markets General

 

Related Articles

View Comments and Join the Discussion!

Comments Sought On Proposed Chemical Trade Restrictions

Here Comes The Sun: Advance Auto Parts Analysts Bullish After Stormy Q2