TAIWAN's top two shipping lines, Evergreen Marine and Yang Ming Line, suffered a combined loss of US$580 million in the first nine months of the year.
Evergreen's loss for January to September stood at $173 million, a year-on-year decrease of 81 per cent, on revenue of $2.8 billion, down 15 per cent, reported IHS Media.
In the third quarter, Evergreen recorded a loss of $50 million, although it was an improvement on the $80 million loss recorded in the same period last year. Its consolidated revenue declined by three per cent year on year to $1 billion, however, the result is a seven per cent improvement on the second quarter.
Yang Ming took a bigger hit. In the first three quarters, the carrier posted a loss of $407 million after revenues dropped by 17 per cent year on year to $2.6 billion. Its third quarter loss stood at $142 million on 13 per cent lower revenue of $908 million, the company stated in a filing to the Taiwan Exchange.
The figures reflect an industry struggling with extreme overcapacity and weak demand, with Drewry forecasting total container shipping industry losses in 2016 will amount to between $5 billion and $10 billion.
A spokesperson for Evergreen Marine told JOC.com that a comparison of the company's monthly consolidated revenues indicated an improving trend so far this year. He pointed out that the third-quarter revenues were better than the $930 million of the second quarter, which also surpassed the $890 million in the first three months of 2016.
The Evergreen spokesperson said that to cope with the challenging market conditions the company was continuing with efforts to enhance competitiveness and improve its operating outcome. "With the ongoing fleet renewal programme, we can further optimise our vessel fleet," he said.
Evergreen Line in mid-2015 ordered ten 2,800 TEU ships, a move intended to seize a larger share of the expanding intra-Asia trade market. The order was placed with, and split evenly between, Taiwan's China Shipbuilding Corporation and Japan's Imabari Shipyard. The ships are scheduled for delivery in the second half of 2017.
Evergreen's loss for January to September stood at $173 million, a year-on-year decrease of 81 per cent, on revenue of $2.8 billion, down 15 per cent, reported IHS Media.
In the third quarter, Evergreen recorded a loss of $50 million, although it was an improvement on the $80 million loss recorded in the same period last year. Its consolidated revenue declined by three per cent year on year to $1 billion, however, the result is a seven per cent improvement on the second quarter.
Yang Ming took a bigger hit. In the first three quarters, the carrier posted a loss of $407 million after revenues dropped by 17 per cent year on year to $2.6 billion. Its third quarter loss stood at $142 million on 13 per cent lower revenue of $908 million, the company stated in a filing to the Taiwan Exchange.
The figures reflect an industry struggling with extreme overcapacity and weak demand, with Drewry forecasting total container shipping industry losses in 2016 will amount to between $5 billion and $10 billion.
A spokesperson for Evergreen Marine told JOC.com that a comparison of the company's monthly consolidated revenues indicated an improving trend so far this year. He pointed out that the third-quarter revenues were better than the $930 million of the second quarter, which also surpassed the $890 million in the first three months of 2016.
The Evergreen spokesperson said that to cope with the challenging market conditions the company was continuing with efforts to enhance competitiveness and improve its operating outcome. "With the ongoing fleet renewal programme, we can further optimise our vessel fleet," he said.
Evergreen Line in mid-2015 ordered ten 2,800 TEU ships, a move intended to seize a larger share of the expanding intra-Asia trade market. The order was placed with, and split evenly between, Taiwan's China Shipbuilding Corporation and Japan's Imabari Shipyard. The ships are scheduled for delivery in the second half of 2017.
Fuente: SeaNews
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