Taiwan-based shipping giant Evergreen Marine has reported its first quarterly profit in nearly two years, leading the firm's stock to climb to it highest point since June, 2008.
The shipping line reported second quarter net profit of $129 million, compared to a loss of $62 million in second quarter 2009. The second quarter profits easily beat Wall Street estimates of $72 million.
Peter Tzeng, a Taipei-based analyst at Polaris Securities Co., told Bloomberg News, “It’s too good to be true, but it’s true. Demand for container shipping has returned to the levels before the global financial crisis.”
During Monday trading on the Taiwan Stock Exchange, Evergreen's stock jumped more than 2 percent on the news, climbing to its highest point since June 10, 2008.
As part of a 100-vessel plan, Evergreen Group, the parent of Evergreen Marine, ordered 10 new vessels last month.
Singapore-based Neptune Orient Lines, the parent of APL, also reported an earnings turnaround due to rising cargo volumes and higher freight rates.
NOL reported second quarter profit of $100 million, up from a $146.7 million loss in the second quarter of 2009.
The line also announced it had completed orders for two new 10,700-TEU vessels as part of a 12-vessel order with Daewoo Shipbuilding & Marine Engineering.
Showing posts with label Evergreen. Show all posts
Showing posts with label Evergreen. Show all posts
Tuesday, August 17, 2010
Tuesday, April 13, 2010
Evergreen to Negotiate up to 100 New Box Ship Orders
Taiwan-based transportation conglomerate Evergreen Group, the parent of the only major container line without new vessels on order, plans to begin negotiations with shipbuilders next month for up to 100 new container vessels.
The talks, according to statements by Evergreen chairman Chang Yung-fa to Japanese media last week, said the negotiations with interested shipyards in China, Japan, South Korea and Taiwan are expected to begin in May.
Evergreen Marine, currently ranked the fifth largest container line in the world and the sole carrier in the world's top 20 lines with no ships on order, said the $5.4 billion plan would more than double the carrier's current fleet of 81 owned vessels. The carrier also currently charters an additional 69 vessels.
The purchase plan consists of vessel orders including just over 30 vessels with 8,000 TEU capacity, 20 vessels each of 7,024 TEU and 5,364 TEU capacities, and 20 or more 2,000 TEU vessels for feeder service. The ships are mostly planned to replace older vessels now in the Evergreen fleet. Expected delivery dates were not mentioned.
It is expected that the carrier will be able to negotiate lower prices for the vessels compared to just a few years ago. According to some experts, including British shipbroker Clarkson, worldwide vessel values have dropped between 30 and 40 percent since Evergreen last took delivery of a vessel in early 2008.
Evergreen's various transpacific services call at the ports of Los Angeles, Oakland, Seattle, Tacoma and Vancouver, Canada.
Thursday, April 8, 2010
Evergreen Boosts US West Coast Service
Ocean carrier Evergreen Line plans to reintroduce a 20-port pendulum service that will expand coverage of the United States West Coast. The service will cover a range from Tacoma, Washington, to Valencia, Spain via Asia and the Middle East.
The new US West Coast - Asia -Mediterranean, or UAM, service begins May 10 and replaces the existing Asia-Pacific-North West Coast, or PNM, and Far-East Mediterranean, or FEM, services. These two routes were introduced in October 2009 as temporary services.
The UAM service will utilize 14 vessels, each capable of carrying 5,400 TEU vessels. The service will launch mid-rotation on May 10 in Kaohsiung with the first vessel leaving Tacoma on May 23.
The westbound rotation for the service will be: Tacoma > Vancouver > Tokyo > Osaka > Qingdao > Shanghai > Ningbo > Kaohsiung > Hong Kong > Yantian > Tanjung Pelepas > Colombo > Ashdod > Alexandria > Taranto > Genoa > Barcelona > Valencia.
The eastbound rotation for the service will be: Valencia > Taranto > Colombo > Tanjung Pelepas > Kaohsiung > Hong Kong > Yantian > Shanghai > Ningbo > Tacoma.
Thursday, March 4, 2010
Evergreen Marine Promotes Three Key Execs
Taipei, Taiwan-based ocean carrier Evergreen Marine Corporation (Taiwan) Ltd. has reshuffled its upper management with the promotion of three top executives.
President Jack Yen has been promoted to Vice Chairman, Captain C.J. Wang, Chief Executive Vice President, has been promoted to the position of President, and Anchor Chang, Executive Vice President of International Business Division, was promoted to Chief Executive Vice President.
The promotions were formally announced following the Feb. 26 meeting of the firm's board of directors.
Jack Yen, a 32-year veteran of Evergreen, has served in numerous executive positions during his tenure including President of Evergreen Star Hong Kong Ltd and president of Evergreen Deutschland GMBH. He was promoted to President of Evergreen Marine Corporation (Taiwan) in 2007.
Captain C.J. Wang began his 34-year career with Evergreen serving as a third officer, moving up to captain in 1986. During his shore-side tenure with the carrier he has served in various management positions including stretches in the top management of Evergreen Container Terminal (Thailand) Limited and as Executive Vice President of Corporate Operation Division. He was promoted to Chief Executive Vice President in 2009.
Anchor Chang joined Evergreen Marine in 1986, serving over the years in New York, Dallas, London and Taipei in positions from deputy manager to Junior Vice President. He was promoted to Senior Vice President in 2003, Executive Vice President in 2006 and Executive Vice President of International Business Division in 2007.
