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June 25, 2017

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Evergreen Marine upbeat concerning 2014 growth

TAIPEI -- Taiwanese shipping giant Evergreen Marine Co.(長榮海運) said Monday that it expects better business performance in the second half of 2014 on recovering market demand and more efficient management of fuel costs.

Bronson Hsieh (謝志堅), vice chairman of parent Evergreen Group, said global cargo shipment has grown by 4.8 percent during the first five months of 2014, surpassing the 4.4 percent predicted in January.

With the supply side maintaining a sturdy growth of 5.5 percent since the beginning of this year, Hsieh expects a healthy market.

How well Evergreen Marine capitalizes on that with its business performance in the third quarter will decide whether it makes a profit in 2014, he said.

Besides growing demand as a result of a stronger world economy, Evergreen Marine has been able to better control its fuel costs, he said.

The company's 200-some vessels operating worldwide now have to report their consumption of fuel on a daily basis, the vice chairman said.

A strategy of introducing bigger vessels has also played a significant role in reducing fuel costs by up to 10 percent, he said.

Evergreen Marine will introduce a total of 17 new container ships over this year. Eight of them are 14,000 twenty-foot equivalent units (TEU) class, while the other nine are 8,500 TEU class.

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