Evergreen Places Order for 3 More ULCVS in an Aggressive Expansion

The Taiwanese liner operator Evergreen has ordered 3 additional 24,000 TEU container ships at China’s Hudong Zhonghua shipbuilding. The vessels are priced between $160 mn and $190 mn and are expected to be delivered in 2025.

Evergreen is continuing its aggressive expansion in its carrying capacity fuelled by the rise in container freight rates. The liner operator announced its net profit to have soared to nine times the previous year in 2021, to $9.5 bn. The company has a list of 12 “ultra-large” container ships on order, each with a capacity of 24,000 TEU. The orders are placed at Hudong Zhonghua and its affiliate shipbuilder Jiangnan Shipyard. By 2025, the company is expected to take delivery of 64 new vessels. This represents a carrying capacity of 600,000 TEU.

Evergreen’s 2021 total revenue was 4 times that of 2020, about $17.6 bn. Evergreen has also announced that 0.5% of the 2021 net profits would be given to the employees in addition to the year-end bonus. This adds up to around $23,500 per employee to the over 2,000 employees. This amount is worth more than three years of salary for some staff to put this in perspective.

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