Longer voyages, higher container rates power Evergreen Marine earnings

Evergreen Marine Corp., the world’s seventh-largest box carrier, saw revenue and profits climb in 2024. The post Longer voyages, higher container rates power Evergreen Marine earnings appeared first on FreightWaves.

Mar 17, 2025 - 23:09
 0
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.

Related coverage:

Yang Ming profit soars on Red Sea diversions, emerging Asia markets

DP World sees record revenue, but profit slips

Amid ocean container liner gains, Zim earnings shine

OOCL sees strong 2024 results despite ocean shipping challenges

The post Longer voyages, higher container rates power Evergreen Marine earnings appeared first on FreightWaves.