Port congestion and increased demand over supply are inflating the revenues of many big companies operating in the container shipping business.
Evergreen Marine Corp. is no exception. The world’s seventh-largest carrier, reported a third-quarter net income of $2.9 billion in 2021, up 90.5% from the previous quarter and 879% year-on-year.
Their total net income for the first nine months of the year was nearly six billion dollars, over ten times what they achieved in the same period in 2020.
According to the company’s president, Huey-Chuan Hsieh, this year the congestion problems which many ports have been suffering from, and, indeed, are continuing to do so, absorbed 12% of global capacity, generating a gap between supply and demand.
Apparently, the exceptional growth in traffic flows has convinced Evergreen to invest between 280 and 320 million dollars in the construction of two new 24,000 TEU boxships and two other 23,000 TEU vessels.
Translation by Giles Foster