- Evergreen reported a 1300% year-over-year increase in net income for the first three quarters of 2021.
- The shipping company reported no significant consequences of the blockade of the Suez Canal by Ever Given.
- Rising container freight rates have boosted Evergreens profit this year.
The Taiwanese container shipping company Evergreen Marine reportedly paid some employees bonuses totaling around 40 monthly salaries at the end of the year.
The generous bonuses came in a record year for shipping despite evergreen problems earlier this year when a giant container ship was chartered – the Always given – got stuck in the Suez Canal, disturbing already tight global shipping lanes.
A screenshot of the salary credit showed that an Evergreen employee was receiving 38 months’ salary in the form of bonuses, the Taiwanese newspaper reported Times of freedom.
A couple who have been with Evergreen for more than a decade told the story China Times that they collectively received NT $ 5 million ($ 180,100) in year-end bonuses. They each earned a base salary of NT $ 60,000 ($ 2,100) a month, so the bonus is roughly 42 months’ wages.
Payouts are based on Evergreen, which reported net income of NT $ 158.27 billion (US $ 5.7 billion) for the first three quarters of 2021, according to the latest report Quarterly report. That is over 1300% more than a year ago. Net profit also reached a record high in the third quarter.
The Ever Given was released after six days but remained floating in the canal for several months while a financial settlement between the Suez Canal Authority and Ever Given owner Shoei Kisen Kaisha was controversial. According to the International Chamber of Shipping, The stalled ship cost $ 5.1 billion a day.
Im April, Shoei Kisen Kaisha filed a lawsuit against evergreen to limit possible damage.
For his part, Evergreen said in a First quarter report this year that “the shipowner is responsible for the safety and management of the ship, as well as for any loss or damage to the hull and property of third parties (including cargo) caused by the incident.”
According to Taiwan Central news agency, Evergreen President Eric Hsieh told investors at a conference in November that the company’s revenue growth was driven by rising freight rates.
The world was shaken by a Shipping and supply chain crisis this year as the rebound in demand outpaces supply in an ongoing pandemic.
According to Freights, Container freight rates have increased by well over 200% compared to the previous year.
Evergreen did not immediately respond to Insider’s request for comment, but said the worker bonuses were based on company and employee performance, so Times of freedom. It has also not commented on individual bonuses.
Evergreen is not the only major shipper to be paying end-of-year bonuses to its employees this year in the wake of the shipping boom. Global shipping company Maersk Also that year, 80,000 employees gave $ 1,000 each for record profits.