Evergreen Marine Corp has posted its best result since the back end of 2017 after recording net profit of TWD 3,192 million (USD 108 million) in the second quarter.
The company benefited from the surge in Transpacific freight rates and lower bunker prices. It follows net losses in both the previous quarters, and marks the highest net result since Q3 2017.The company has predicted even higher profits in the current quarter.
Wan Hai also posted its best result in several years at TWD 1,675 million (USD 57 million) up from TWD 698 million a year previously.
As well as benefiting from lower bunker prices, Wan Hai also capital- ised on strong Transpacific demand with its solo Far East-US West Coast service, instigated after Pacific International Lines (PIL) with- drew from the trade.
Taiwanese carriers’ financial results by quarter 2019-2020
Meanwhile, Yang Ming reported a net loss for both the second quarter and half year, although in both cases the negative result was due to dry bulk activities.
The net loss for the quarter was TWD –67 M (USD 2.25 million) including a USD 20.94 million loss from dry bulk business, and for the half year TWD -885 million (USD 29.49 million) including a USD 30.53 million loss from dry bulk. Despite the deficit, it was the company’s best bottom line result since Q4 2018.
Yang Ming’s container business turned an operating profit of TWD 547 million (USD 18.6 million) in the second quarter. Volumes were down 15% but compensated by strong freight rates and low fuel costs. For H1, container volumes fell overall 10% to 2.38 Mteu.