CARRIERS with disproportionate exposure to trans-Pacific trades continue to report weak third-quarter results, with Taiwan’s Evergreen and Yang Ming both showing sharp falls in revenue and profits compared to the prior year.
Falling freight rates have driven the declines, as liftings have generally held up year-on-year but neither carrier is especially optimistic about the fourth quarter or full year.
Evergreen, the world’s Number 7, managed to substantially outperform Q2 in Q3 but year-on-year recorded industry-typical falls. Revenue was TWD 96.9 billion and operating profit of TWD 22.0 billion (USD 706 M), a drop of 37% and 71% on a year earlier. Net profit was TWD 21.7 billion.
For the first three quarters of 2025, Evergreen Marine reported consolidated revenue of TWD 293.38 billion (approx. USD 9.42 billion), down 15.6% year-on-year. The company recorded gross profit of TWD77.34 billion, operating profit of TWD 65.80 billion and net profit of TWD 61.27 billion.
Number 9 Yang Ming reported Q3 2025 revenues of TWD 42.1 billion (USD 1.35 billion), down 42% year-on-year, while operating profit was TWD 4.4 billion, a drop of 86% on a year earlier. After tax profit was TWD 6.05 billion, down 78.5%.
Across the first three quarters of 2025 total consolidated revenues were TWD 126.27 billion, with after-tax profit of TWD 14.81 billion.
“Despite persistent global trade-policy uncertainty and elevated geopolitical risks, Yang Ming has continued to maintain schedule reliability and enhance operational efficiency, supporting steady business performance,” the line said.
“In the container-shipping market, Alphaliner’s October 2025 projection estimated global capacity growth at 6.8% and demand growth at 2.0%, implying continued oversupply. However, the implementation of environmental regulations, such as the EU Emissions Trading System and FuelEU Maritime, together with stricter decarbonization requirements, is expected to accelerate the phase-out of older vessels and moderate effective capacity through slow steaming and fleet renewal.
“Furthermore, the temporary pause in U.S.–China tariff tensions may help stimulate pre-Lunar New Year shipment demand on Trans-Pacific routes. The Intra-Asia and Middle East markets are expected to remain steady, supported by stable demand. Nevertheless, continuing Red Sea disruptions and Cape of Good Hope rerouting, along with port congestion in Europe, may continue to affect capacity deployment.
“Yang Ming will continue to closely monitor market developments and respond with agility through service-network optimization and operational adjustments. The company will further refine its business strategies and maximize space utilization to maintain stable performance amid a complex and dynamic global environment.”