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Evergreen Q2 Loss -does not stop Company adding ship charters

Mumbai:

Despite a loss in the second quarter of 2018, Evergreen Marine Corp. is moving forward
with further fleet renewal.
Evergreen said it is making plans to charter an additional 38 smaller containerships on
top of an existing large order book.
According to filings with the Taiwan Stock Exchange, two Evergreen Marine
companies — EGH, identified as a direct subsidiary, and Greencompass Marine,
identified as an indirect subsidiary — will each charter 12 ships with 1,800-TEU capacity
and seven 2,500-TEU ships for a total of 38 vessels. It’s not clear if the new ships will
only be used to replace existing ships in the Evergreen fleet or whether they will also
result in Evergreen having even more capacity.
The new charters follow earlier announcements by Evergreen for fleet renewal and
expansion plans.
In an April 27 presentation at a SinoPac Securities conference in Taipei, Evergreen
said it would grow its fleet from 195 ships with 1,086,335-TEU capacity to one with
a capacity of 1.55 million TEU.
At that conference, Evergreen said it would add 45 ships with 482,330 TEUs by the
end of 2021.
They include 20 owned ships with the capacity of 2,800 TEUs each that are being
delivered between 2017 and 2019. Evergreen said it was able to order the ships when
prices for new vessels were low. It said they feature wide-beam hull designed for
shallower ports in intra-Asia trade and better cargo-handling capacity.
The company also is chartering 10 ships, each with the capacity of 20,000 TEUs to be
delivered by the end of 2019. Evergreen said it would take delivery of 20 chartered
ships in 2020-21, each with capacity for 11,000 TEUs.
Evergreen said it had a loss of 1.78 billion new Taiwan dollars (NTD) or the U.S. $57.6
million in the second quarter of 2018 compared with a profit of 2.9 billion NTD in the
second quarter of 2017.
Operating revenue in the second quarter of 2018 was 38.3 billion NTD compared with
37.7 billion NTD in the second quarter of 2017.
In the first half of 2018, Evergreen Marine has lost 1.76 billion NTD compared with a
profit of 3.07 NTD in the first half of 2017. Revenue for the first half of the year was 75.1
billion NTD compared with 71.5 billion in the first half of 2017.

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