Longer voyages, higher container rates power Evergreen Marine earnings

Evergreen Marine Corp. reported revenue climbed to $12.7 billion in 2024 from $8.4 billion a year ago, while net income more than tripled to $3.4 billion from $1.1 billion.

A buoyant market led Taiwan-based Evergreen (2603.TW), the world’s seventh-largest ocean container carrier, to order six 24,000-TEU (twenty-foot equivalent unit) liquefied natural gas dual-fuel container ships from shipbuilder Hanwha Ocean in South Korea.

Evergreen’s earnings before interest, taxes, depreciation and amortization grew to $5.7 billion from $3.1 billion y/y, while earnings before interest and taxes was $4.6 billion, up from $2.1 billion.
The liner operator did not disclose full-year container volumes.

Major shipping lines in 2024 saw billions of dollars in windfall profits on longer diversions away from the strife-torn Red Sea, which helped absorb capacity and boost rates, and from strong volumes on trans-Pacific lanes to the United States.

Evergreen is a member of the Ocean Alliance with Cosco of China, Cosco-owned Orient Overseas Container Line of Hong Kong, and France’s CMA CGM. The group is the third-largest of the shipping cooperatives, at 3.8 million TEUs.

Diluted earnings per share increased to $1.58 from 50 cents.

Find more articles by Stuart Chirls here.

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