News / Evergreen and Wan Hai face up to bearish market as profits tumble

Photo: VesselFinder

Evergreen and Wan Hai chiefs admitted yesterday that the continuing Russian war on Ukraine meant revising the shipping market outlook of improvement after a poor first quarter.

Both Taiwanese liner operators were holding their AGMs and Evergreen president Eric Hsieh said Q1 23 net profit had plunged 95% year on year, to $165m.

He said the Russia-Ukraine war was still the most important factor affecting the market, adding: “If the war ends, we expect cargo volume in H2 will be better than in ...