Shares in Evergreen Marine Corp., the listed arm of Taiwan's Evergreen Group, reached a 10-year high today as container shipping fortunes continue to rise ahead of the holiday season, Bloomberg reported.
On trading this morning Evergreen Marine's shares gained as much as 7 percent to NT$33.75 ($1.03), the highest intraday price since Dec 5, 1996.
The Taiwanese carrier has prospered from the upturn in container freight rates, which are up 15 percent from this time last year on the East Asia to Europe trade, according to Drewry Shipping Consultants Ltd. in London.
Evergreen Marine first half 2007 non-consolidated net income improved to NT$1.63 billion ($50 million) from NT$58.6 million a year before.
he third quarter is traditionally a peak season for containerships,?said Marc Wang, an analyst at KGI Securities Co. in Taipei. "We forecast improved earnings per share for the company."
American Shipper's October issue contains a profile of Evergreen Group founder and chairman Chang Yung-fa (pages 54-57).