7 C
Hamburg
Thursday, March 28, 2024
Home Most Visited Evergreen splashes out on 24,000TEU ships and more containers

Evergreen splashes out on 24,000TEU ships and more containers

Taiwanese liner operator Evergreen Marine Corporation has extended its spree on newbuildings and containers, as its profit continues to climb amid firming freight rates.

On 5 November, Evergreen unveiled orders for a pair of 24,000TEU ships from Jiangnan Shipyard.

Priced between US$140 million to US$160 million each, the newbuildings are expected to be delivered from 2024 to 2025.

Evergreen has also commissioned 55,500 containers from Dong Fang International Container (Hong Kong), Guangdong Fuwa Equipment Manufacturing and CXIC Group Containers for a total of US$338.5 million.

The additional capital investments coincided with Evergreen booking a US$5.69 billion net profit for 9M 2021, a 13-fold increase from the year-ago period.

Evergreen president Eric Hsieh said, “Judging from the situation this year, the percentage of growth in fleet supply is similar to that of demand. We never saw such high freight rates in the past, and current conditions augur well for liner operators’ future business prospects.”

Almost every mainline operator has been expanding shipping capacity, both through newbuildings and second-hand ship purchases, to meet unrelenting demand and congestion in major ports.

In September, Evergreen ordered 24 ships, comprising small Panamax and feeder units, from CSSC Huangpu Wenchong Shipbuilding. The company also commissioned twenty 15,000TEU ships from Samsung Heavy Industries (SHI) in March and two 24,000TEU ships from Hudong-Zhonghua Shipbuilding in June. The company also has four 24,000TEU vessels on order at Jiangnan Shipyard (Group), awaiting delivery in 2022.

In addition, to strengthen regional route planning, Evergreen’s Panama-incorporated subsidiary, Greencompass Marine, will transfer ownership of two 2,800TEU boxships to another group subsidiary, the Italy-incorporated Italia Marittima.

The company also wants to develop its ship agency business in East Asia, and its Singapore-based subsidiary, Evergreen Marine (Asia) will fully acquire Evergreen Shipping Agency (Japan) Corporation from Evergreen International (Panama).

Martina Li
Asia Correspondent





Latest Posts

CN analysis: Freight rates on trades out of India on reverse track after Red Sea-driven upswing

Container freight rates on trades out of India have begun to cool after the Red Sea crisis-driven rocketing, according to the latest market analysis...

Yang Ming unveils enhanced 2025 Transpacific network

Yang Ming has announced its upgraded Transpacific service network for the next year, which will commence in February 2025. The Taiwanese ocean carrier said it...

How To Choose The Right Lender For Your Real Estate Investment

Real estate investments are a lucrative endeavor for businesses and entrepreneurs. However, securing the right financing is crucial to the success of any property...

Port of Gdansk reconstructs quays

Krzysztof Kaczmarek, the president of the Port of Gdansk, has inked two agreements with PORR S.A. to enhance Rudowe and Bytomskie Quays. The combined length...

APM Terminals Moín handles over 6 million TEUs in five years of operation

In just over five years since the launch of its operations in 2018, APM Terminals Moín (TCM) has handled over 6 million TEUs. Throughout this...