TAIWAN’S Evergreen Marine Corporation has reported one of its highest first quarter profits, according to evaluations by Alphaliner.

The carrier last week announced Q1 2024 revenue was up by 34% to TW$89.64 billion (US$2.80 billion) year-on-year, despite a 2% decrease in liftings to 1,801,000 TEU (1,840,000 in Q1 2023).

Operating profit increased by 41% to TW$15.65 billion (US$490 million), whilst net profit almost tripled to TW$18.22 billion (US$570 million).  Q1 2023 figures were US$365 million and US$208 million respectively.

Basic earnings per share from continuing operations was TW$8.14 compared to TW$2.38 a year ago. Diluted earnings per share from continuing operations were TW$8.09 compared to TW$2.36 a year ago.

The carrier offered no commentary with its results.

Alphaliner noted that Evergreen, which is currently ranked 7th amongst container lines with a near 6% global market share, did not give average rates per TEU but its nearest competitor, HMM, which is next in line in the rankings at number 8, revealed its rates had jumped 27% year-on-year in the quarter.

The improvement in Q1 earnings has been particularly strong for mid-tier carriers, the consultancy said.

“Evergreen operates nearly 70% of its capacity on the East West trades, where head haul rates out of China have risen above the market average,” it said. “Unlike the majority of carriers, Evergreen managed to avoid falling into the red in 2023.”