- Evergreen Orders Six LNG-Powered Mega Container Ships.
- EBITDA Rises to $5.7 Billion Amid Strong Market Demand.
- Shipping Industry Gains from Red Sea Diversions and Trans-Pacific Growth.
Evergreen Marine Corp. had a dramatic increase in finances in 2024, with its revenue increasing to $12.7 billion from $8.4 billion in 2023. The net income had increased more than threefold to $3.4 billion from $1.1 billion in 2023, reports Freight Waves.
New Orders for LNG-Powered Mega Ships
Seizing the upbeat market, Taiwan’s Evergreen, the seventh-largest container ship operator in the world, ordered six 24,000-TEU liquefied natural gas dual-fuel container vessels. The ships will be constructed by South Korean shipbuilder Hanwha Ocean.
Robust Growth in Earnings
Evergreen’s earnings before interest, taxes, depreciation, and amortization (EBITDA) grew to $5.7 billion from $3.1 billion year-over-year. Earnings before interest and taxes (EBIT) also saw a sharp rise, reaching $4.6 billion from $2.1 billion. The company did not disclose full-year container volumes.
Market Trends and Alliance Strength
Large shipping companies enjoyed windfall gains in 2024, mostly due to longer detours around the war-torn Red Sea and robust demand for trans-Pacific trade to the United States. Evergreen is one of the Ocean Alliance’s major members, together with China’s Cosco, Orient Overseas Container Line owned by Cosco, and France’s CMA CGM. The alliance is the third-largest international shipping cooperative, with a combined capacity of 3.8 million TEUs.
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Source: Freight Waves
