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  • EVA Air announces record 6-month year-end bonus

    EVA Air, a Taiwanese airline, has announced a record six-month year-end bonus, the highest since its establishment. The bonus will also be distributed to its subsidiaries, including airport services, sky kitchens, and aviation technologies. In addition, EVA Air plans to adjust salaries for employees in 2024, with ground and cabin crew members seeing an average adjustment of NT$5,000 and pilots receiving adjustments ranging from NT$11,000 to NT$20,000 based on their position. However, this announcement comes amidst potential strike action by EVA Air pilots, leading to concerns that the wage increase announcements are an attempt to pacify them. The Taoyuan Flight Attendants’ Union has emphasized the importance of fair distribution of year-end bonuses and salary increases regardless of the proposed pilot action. Rival airlines Starlux and China Airlines have also announced their year-end bonuses, with Starlux providing a one-month bonus and an approved salary increase of NT$2,000, and China Airlines reportedly planning to distribute a three-month bonus (although the union is demanding five months’ worth). In the marine transportation industry, YangMing Marine Transport Corporation has scaled down its year-end bonus from 13 months last year to two months this year due to a downturn in the shipping industry. The shipping corporations’ lower year-end bonuses are attributed to the "revenge-travel boom" post-pandemic. Other industries with high year-end bonuses include finance, semiconductor, and construction, with 1.83, 1.38, and 1.23 months respectively.
    2023/12/26 10:09
  • Shipping companies reroute amid escalating Red Sea crisis

    The escalating Red Sea crisis prompts shipping companies to reroute, with ten shipping routes from Taipei and Kaohsiung passing through the Red Sea. The Houthi movement, favoring Iran, targets ships in the Red Sea, leading international and local shippers to prioritize safety by announcing delays or re-routing around the Cape of Good Hope. Shipping companies opt to navigate around the Cape or temporarily suspend services, expecting disruptions in ship schedules. The situation mainly affects regional operations and does not yet have global consequences, resulting in no congested ports like during the pandemic. National shipping lines have temporarily ceased accepting cargo for ports in Israel, with further assessments on route adjustments to be made.
    2023/12/20 21:04
  • Yang Ming shares surge amid Red Sea shipping crisis

    Shares of Yang Ming Marine Transport Corp. experienced a surge in volume, with over 70,000 shares traded, ranking in the top five in terms of transaction volume. This follows the suspension of services through the Red Sea by major container shipping companies, including Evergreen Marine Corp., Yang Ming, and Wan Hai Lines Ltd., due to attacks by Yemeni militants. The crisis in the Red Sea has led to global shipping lines rerouting, potentially alleviating excess capacity and boosting international freight rates. The stock performance of these "Big Three" container shipping firms has drawn significant attention. Evergreen Marine’s stock exhibited volatility, reaching a post-ex-dividend high of NT$148 but later dipping to NT$144.5. Yang Ming’s stock price also reached a morning peak but corrected downwards, with a trading volume surpassing 70,000 shares. Wan Hai Lines experienced a similar downward trend. These movements in the shipping sector are closely monitored amid the ongoing situation in the Red Sea, which impacts shipping routes worldwide.
    2023/12/20 15:29
  • Evergreen halts Red Sea shipping amid Houthi threats

    Evergreen Marine Corp, a Taiwanese shipping company, has temporarily suspended its shipping services through the Red Sea due to security threats posed by Houthi militants. This decision comes after a series of attacks on commercial ships by the Yemen-based group, which has escalated tensions in the region. Evergreen joins other global shipping giants, including Orient Overseas Container Line, CMA CGM, Maersk Group, Hapag-Lloyd, and Mediterranean Shipping Company, in halting passage through the Red Sea. The attacks by the Houthis, aimed at blocking ships en route to Israel, have led to the interception of drones and missiles by the U.S. Navy, British Navy, and French Navy. In response to the exacerbating security situation, Evergreen has rerouted its ships from Asia to the Mediterranean and the U.S. East Coast to avoid the Red Sea. British Petroleum (BP) has also suspended its oil transit through the Red Sea due to increased risks.
    2023/12/19 10:06
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