Evergreen earnings turn a corner in Q1

Taiwanese ocean carrier Evergreen Marine posted a net profit of 168.9 million NTD (U.S. $5.6 million) for the first quarter of 2017 on operating revenues of 33.8 billion NTD after posting massive losses in the same 2016 period.    Evergreen Marine Corp. had a net profit of 168.9 million New Taiwan dollars (U.S. $5.6 million) for the first quarter of 2017, up from a loss of 4.59 billion NTD for the first quarter of 2016, according to a company filing with the Taiwan Stock Exchange.
   Earnings per share for the quarter totaled 0.09 NTD per share, compared to a loss of 1.09 NTD per share for the first quarter of 2016.
   Operating revenues stood at 33.84 billion NTD, up 18.3 percent from the first quarter of 2016.
   During the first quarter of 2016, Evergreen Line was a member of the CKYHE Alliance, which also included COSCO, “K” Line, Yang Ming and now defunct Hanjin Shipping.
   Evergreen is now a member of the OCEAN Alliance, which commenced operations at the beginning of last month. The OCEAN Alliance also includes CMA CGM, APL, COSCO and Orient Overseas Container Line (OOCL).
   According to ocean carrier schedule and capacity database BlueWater Reporting’s Carrier Ranking tool, Evergreen Line has the sixth largest operating fleet with a total capacity of 1.024 million TEUs. The Taiwanese carrier participates on 123 liner services within BlueWater Reporting’s scope, supplying vessels on 54 of the services and purchasing slots on the remaining 69 loops.