Mixed quarter for Taiwanese carriers

TAIWAN’s Evergreen and Yang Ming, respectively the world’s seventh and tenth largest container carriers, sailed different courses during the first quarter of 2025, according to figures released to the Taiwan Stock Exchange.

Evergreen Marine Corporation (Taiwan) Ltd racked up revenues of TWD 110.0 billion (USD $3.6 billion), which was an increase of 24.1% year-on-year on the first quarter of 2024 (TWD 88.6 billion). Operating profit was TWD 29.3 billion (+87.4%) and net income to TWD 27.8 billion. The corporation did not issue commentary on the result.

Yang Ming Marine Transport Corporation reported Q1 2025 consolidated revenues of TWD 45.51 billion (USD 1.38 billion), which was marginally down on 2024’s USD 1.39 billion. Operating profit was TWD 7.2 billion (-8.5%) and net profit TWD 7.8 billion (-16.9%).

Tang Ming also said little about Q1 but warned that tariff-driven trade policies have impacted the container shipping market in Q2, resulting in a decline in cargo volumes from China to the U.S. However, services of Europe/Mediterranean, Intra-Asia, Australia, and the Middle East have remained stable compared to Q1.

“The global economic outlook remains uncertain amid continued tariff developments. The United Nations Conference on Trade and Development (UNCTAD) and the International Monetary Fund (IMF) have revised their 2025 global economic growth forecasts downward to 2.3% and 2.8%, respectively,” the line said.

“Drewry and Clarksons have also revised their container demand growth forecasts for 2025 to -1.0% and 0.3%, respectively, while supply growth is estimated at 5.4% and 6.3%. As global policies and trade negotiations continue to evolve, a joint statement announced that recent progress in U.S.-China trade talks has resulted in a mutual agreement to reduce tariffs for 90 days. This development may support an improvement in U.S.-China cargo demand.

“Meanwhile, whether the situation in the Red Sea has truly stabilized remains uncertain. To ensure the safety of crews and vessels, rerouting via the Cape of Good Hope will continue for the time being.”

Finally, Taiwan’s No. 3 carrier Wan Hai – which does not trade with Australia – led the way with 34.3% revenue growth year-on-year in Q1, to TWD 37.09 billion (USD 1.13 billion).

All three carriers are heavily exposed to the trans-Pacific trade and face the ongoing uncertainty of US-China relations, as alluded to by Yang Ming.