Evergreen Marine to raise shipping rates in 2024

TAIPEI (TVBS News) — Evergreen Marine Corporation and five other leading shipping companies among the world's top ten are set to hike shipping rates by up to 30 percent in 2024.

Amid industry-wide announcements of rate increases, Evergreen's stock soared on Tuesday (Dec. 12), ending the day at NT＄129, a sharp increase of NT＄7, or 5.73 percent. Evergreen was the only container stock to rise in the session.

These developments come as Evergreen reported a consolidated revenue of NT＄22.7 billion for November, down 2.84 percent from October and a steep 37.11 percent year-on-year decline.

The fall in revenue is attributed to sinking international shipping rates and a downturn in global freight demand.

In contrast, competitors faced a tougher day on the stock market: Yang Ming Marine Transport Corporation's stock merely closed at NT＄44, while Wan Hai Lines Ltd. saw its shares fall by NT＄0.6 to close at NT＄51.8, a 1.14 percent decrease.