Taiwan earmarks $1.9B to support ailing shipping industry

Taiwanese government said it will provide 60 billion New Taiwan dollars ($1.9 billion) to support the country’s shipping industry, according to Reuters. It would also take additional steps including reducing berthing fees while the country’s Bankers Association will grant the shipping lines debt payment extensions, according to the Taipei Times.

Revenue at Evergreen in the first nine months of the year fell 15 percent year-over-year to $2.8 billion, profit plummeted 81 percent to a loss of $173 million. In the third quarter, Evergreen reported consolidated revenue of $1 billion, down 3 percent on the same three months of 2015 but a 7 percent improvement on the second quarter. Evergreen recorded a loss of $50 million, although it was a significant improvement on the $80 million loss in the same period last year.

Yang Ming Line’s revenue in the first three quarters fell 17 percent year-over-year to $2.6 billion, as the company booked a loss of $407 million. Third-quarter revenue at the company fell 13 percent to $908 million and the company recorded a quarterly loss of $142 million.