EVERGREEN LISTED ARM POSTS HIGHER PROFIT
Evergreen Marine Corp. (Taiwan), the listed arm of Taiwan's Evergreen group, posted higher results for 2000, but warned of slow volume growth this year.
Evergreen Marine Corp. (Taiwan) and its Panamanian subsidiary Greencompass Marine SA posted a consolidated net profit of NT$1.26 billion ($38 million) for last year, up 35 percent in local currency on the NT$933 million earnings in 1999.
Evergreen attributed this higher profit to “the continuation of strict controls and new practices which saw operating costs reduced.”
Consolidated operating revenue in 2000 was NT$60.5 billion ($1.8 billion), an increase of 14 percent in local currency when compared to 1999's figure of NT$52.7 billion.
The figures published by Evergreen do not include other shipping interests of the Evergreen group besides Evergreen Marine Corp. (Taiwan) and its subsidiary Greencompass Marine.
The company warned that container volumes “were weaker at the beginning of 2001.” It suggested that this may be due partly or wholly to the effect of an early Chinese New Year holiday.
“There are some concerns regarding the slowdown in the U.S. economy,” a spokesman added, “but Evergreen expects that its impact will be limited.” The company anticipates a reduction in growth, not a decline in volume.
Evergreen Marine Corp. (Taiwan)'s main income is from its container shipping activities, with additional income from its investments in EVA Airways Corp., Evergreen Transportation Corp. and Peony Investment SA.
Evergreen said that it is introducing larger and faster ships this year to reinforce its competitiveness. The first of these will be delivered later in 2001 as part of a long-term re-tonnaging programme.
The carrier said that it is planning new schedules “devised to attract higher rated cargoes.” Evergreen added that slot exchange relationships are being developed with other carriers “to achieve improved sailing frequencies and greater port coverage without there being a negative impact on transit times.”
Evergreen, traditionally a carrier independent of alliances and joint services, recently announced a limited slot-exchange pact in the transpacific trade with the New World Alliance of APL, Hyundai Merchant Marine and MOL.