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May 29, 2017

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Evergreen Marine expected to swing to profit in Q3

TAIPEI, Taiwan -- A ranking officer in the Evergreen Group (長榮集團) on Friday revealed that Evergreen Marine will return to profit on the back of a stable market recovery and the rate hike for U.S. and EU lines.

Bronson Hsieh (謝志堅), Evergreen Group's second vice group chairman, yesterday christened the sixth of its new L-type vessels, the Ever Loading (長盛輪).

The naming ceremony for the Ever Loading took place at CSBC Corp.'s (台灣國際造船) Kaohsiung shipyard and was officiated by Hsieh. The official rope-cutting of the new 8,508 TEU (twenty-foot equivalent units) vessel was performed by Michelle Nardulli, a member of the board of directors of Italia Marittima, Evergreen's Italian subsidiary.

Hsieh yesterday told local media that there will be clear sailing ahead for the marine industry since major marine companies are scheduled to hike U.S.-bound rates starting from Aug. 1.

According to Hsieh, the loading rate of EU-bound lines has reached 95 percent, while that for U.S.-bound lines sees a remarkable 90-95 percent. He added that Evergreen will raised the rate of 41-foot standard Far East-U.S containers by US$600 each, and by US$625 for 41-foot Far East-Europe, and the firm expects that the bottom line of Evergreen Marine (長榮海運) will go back to black in the third quarter.

The Ever Loading is the sixth of Evergreens Group's L-type vessels to be built by CSBC Corporation.

Owned by Evergreen Marine UK, the Ever Loading is 334.8 meters in length and 45.8 meters wide. After her delivery on July 29, the new ship will join Evergreen Line's Asia-U.S. West Coast route, replacing an older vessel.

In 2010 Evergreen Group commenced its current fleet renewal program, which in total includes 30 L-type vessels. With the delivery of the Ever Loading, Evergreen adds the 26th such vessel to its operating fleet. The remaining four new ships are being built by CSBC and will be delivered by the third quarter of 2015.

Evergreen recently made use of the 8,508 TEU ships to launch a new Asia-U.S. East Coast service via the Suez Canal with strategic partners.

Hsieh said that currently the L-class vessels are among the maximum size of containerships that can pass under the Bayonne Bridge and call at New York port. Therefore, the service enables Evergreen to lower unit costs and enhance competitiveness in Asia-U.S. East Coast trade.

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