The latest news from Coscline, the world’s sixth largest shipping company Evergreen Shipping has acquired the entire stake in Panama Terminals to strengthen its business in the Americas and improve its competitive advantage.
Evergreen has acquired a 100 percent stake in Colon Container Terminal SA (CCT) for $268 million from its affiliate, Hsieh Huey-chuan, president of Evergreen Shipping, said at a news conference on the Taiwan Stock Exchange on Friday.
Hsieh said CCT is one of the most important transportation hubs for Evergreen Marine and its subsidiary Evergreen Marine (Asia) Pte. On routes between Asia and the Americas, the acquisition is expected to improve Evergreen’s services in the Americas.
CCT began operations on October 30, 1997 and was formerly the site of a former US naval base, which has been converted into a modern container handling facility with two berths. Two additional berths were subsequently developed, expanding the total area of the terminal to 74.3 hectares.
CCT plans to build a logistics park integrated with terminal operations to meet market demand by developing a 30-hectare logistics park on its concession land.
Coscline learned that Evergreen Shipping purchased about 79 million shares of its subsidiary Evergreen Steel from the open market in after-hours trading on Friday, spending NT$3.82 billion ($119 million) to increase its stake to about 19%. With increasing environmental awareness, Evergreen Steel will expand its investment in green energy development to improve its profitability.
Evergreen Shipping also announced third-quarter results. Despite the impact of inflation and port congestion, net profit for the three-month period was NT$100.7 billion (approximately US$3.15 billion), an increase of 26% year-on-year, and earnings per share were NT$37.25.
In the first nine months of this year, its net profit was NT$304.35 billion (approximately US$9.511 billion), a year-on-year increase of 92%, earnings per share were NT$68.88, and gross profit margin was 68.36%.