Evergreen Marine Corp., Taiwan's biggest shipping line, boosted third-quarter profit more than 100-fold after European demand for Asian goods let it charge more for carrying containers.
Net income climbed to NT$5.21 billion from NT$40.5 million a year earlier. That compared with the NT$2.3 billion median estimate in a Bloomberg survey of three analysts. The figure was derived by subtracting first-half profit from nine-month earnings released by the Taipei-based company yesterday.
Evergreen Marine, Neptune Orient Lines Ltd. and other container-shipping companies have raised rates and boosted earnings this year, helped by a 27 percent increase in China's exports of toys, clothes and consumer electronics. About 90 percent of world trade moves by sea.
"Evergreen is riding on strong shipping demand worldwide as cross-continent trade increases," said Yu Reming, who helps manage US$1.3 billion at Entrust Investment Trust Corp. in Taipei and doesn't own Evergreen shares.
Evergreen Marine and other sea carriers raised rates to Europe on July 1 by as much as $300 per container and added a US$135 peak-season charge for each 20-foot container from Aug. 1.
The company fell 0.9 percent to NT$31.70 yesterday. The stock has soared 68 percent this year, compared with the benchmark Taiex index's 24 percent gain.
Evergreen Marine's third-quarter sales fell 18 percent from a year earlier to NT$6.74 billion, based on monthly stock exchange filings. Revenue from the company's affiliates and subsidiaries is counted separately.
Nine-month profit surged to NT$6.84 billion, the company said in a filing to the Taiwan Stock Exchange yesterday.
Container rates between East Asia and Europe rose 15 percent in the first half from a year earlier because of higher demand, according to Drewry Shipping Consultants Ltd. in London.
Evergreen Marine and its affiliates have about 170 vessels with a combined capacity of 600,000 standard 20-foot boxes, making the group the fourth largest container line worldwide, according to Daphne Tsai, a company spokeswoman.
Net income climbed to NT$5.21 billion from NT$40.5 million a year earlier. That compared with the NT$2.3 billion median estimate in a Bloomberg survey of three analysts. The figure was derived by subtracting first-half profit from nine-month earnings released by the Taipei-based company yesterday.
Evergreen Marine, Neptune Orient Lines Ltd. and other container-shipping companies have raised rates and boosted earnings this year, helped by a 27 percent increase in China's exports of toys, clothes and consumer electronics. About 90 percent of world trade moves by sea.
"Evergreen is riding on strong shipping demand worldwide as cross-continent trade increases," said Yu Reming, who helps manage US$1.3 billion at Entrust Investment Trust Corp. in Taipei and doesn't own Evergreen shares.
Evergreen Marine and other sea carriers raised rates to Europe on July 1 by as much as $300 per container and added a US$135 peak-season charge for each 20-foot container from Aug. 1.
The company fell 0.9 percent to NT$31.70 yesterday. The stock has soared 68 percent this year, compared with the benchmark Taiex index's 24 percent gain.
Evergreen Marine's third-quarter sales fell 18 percent from a year earlier to NT$6.74 billion, based on monthly stock exchange filings. Revenue from the company's affiliates and subsidiaries is counted separately.
Nine-month profit surged to NT$6.84 billion, the company said in a filing to the Taiwan Stock Exchange yesterday.
Container rates between East Asia and Europe rose 15 percent in the first half from a year earlier because of higher demand, according to Drewry Shipping Consultants Ltd. in London.
Evergreen Marine and its affiliates have about 170 vessels with a combined capacity of 600,000 standard 20-foot boxes, making the group the fourth largest container line worldwide, according to Daphne Tsai, a company spokeswoman.