Evergreen Marine, the world's fourth-largest marine shipping line, has targeted a profit for 2010 following losses last year, as cargo orders pick up with the global economic recovery, the company spokesman said on Monday.
Evergreen, also the biggest marine shipper in Taiwan, swung to a net loss of T$1.976 billion in the second quarter of 2009 and reported a T$2.58 billion loss in the third quarter.
It had been hurt by global marine shipping competition and the economic downturn, which caused a slump in exports, analysts said.
The company expects a turnaround this year, Evergreen spokesman Nieh Kuo-wei told Reuters in a statement.
"The surging demand to replenish depleted inventory has led to several rounds of successful rate increases and substantially improves the profit outlook of the container shipping industry," he said. "With the recovery of the global economy, it is expected that cargo volumes will continue to pick up."
Evergreen shares were down 0.5 percent on Monday, outperforming the broader market that closed 1.46 percent lower.
Evergreen, also the biggest marine shipper in Taiwan, swung to a net loss of T$1.976 billion in the second quarter of 2009 and reported a T$2.58 billion loss in the third quarter.
It had been hurt by global marine shipping competition and the economic downturn, which caused a slump in exports, analysts said.
The company expects a turnaround this year, Evergreen spokesman Nieh Kuo-wei told Reuters in a statement.
"The surging demand to replenish depleted inventory has led to several rounds of successful rate increases and substantially improves the profit outlook of the container shipping industry," he said. "With the recovery of the global economy, it is expected that cargo volumes will continue to pick up."
Evergreen shares were down 0.5 percent on Monday, outperforming the broader market that closed 1.46 percent lower.