Evergreen Marine Corporation back in the black in Q1 2021

The Evergreen Marine Corporation achieved a US$ 567.13 million net profit for Q1 2021, reversing the US$ 24.24 million net loss in Q1 2020. According to preliminary unaudited figures disclosed on 6 May, revenue was up 35% to US$2.27 billion.

Recently, there were concerns that the grounding and subsequent detention of the Evergreen-operated Ever Given in the Suez Canal would hurt the Taiwanese liner operator's earnings. However, the company's management emphasized that there is sufficient insurance to cover cargo claims.

Evergreen president Eric Hsieh said at a recent conference that several container ports, especially in the US West Coast, are congested, and the situation is difficult to alleviate. This, and the slow return of empty containers, ensures that equipment demand still exceeds supply. Expecting the equipment shortage to persist until the traditional peak season in Q3, Hsieh said that Evergreen expects "good results this year" as freight rates on the Transpacific and Asia-North Europe continue to set new highs.

According to container-news.com, Hsieh had stated that Evergreen is optimistic about the US and European economies and consumer demand there will fuel container shipping.

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