by Lloyd's List
10 July 2025 (Lloyd's List) - TAIWAN’s top three container carriers - Evergreen Marine, Yang Ming Marine Transport and Wan Hai Lines - reported revenue growth in June, as transpacific freight rates were boosted by a surge in cargo volumes driven by shippers rushing to beat US tariff deadlines.
However, with that momentum slowing and trade war tensions escalating again, the prospects for the second half of 2025 are highly uncertain.
Evergreen, Yang Ming and Wan Hai reported revenues of TW$30.1bn ($1bn), TW$13.8bn and TW$12.2bn respectively, up 14.2%, 11.7% and 8.7% from May.
The changes in US tariff policies led to a rebound in market conditions in June, Yang Ming said.
Spot rates on the Asia-US trade climbed rapidly that month, as Washington postponed implementation of retaliatory tariffs and reached a tentative trade deal with China. Congestion at European ports also gave carriers reason to raise rates on shipments headed there.
In the first half of this year, Evergreen logged close to TW$200bn in revenue, up 0.8% year on year, while Yang Ming saw TW$84.1bn, down 12.7%. Wan Hai logged TW$71.9bn, up 9.4%.
The outlook for the second half of the year is murky, however, due to the high uncertainty surrounding US tariffs. Freight rates on the US trade have given up all gains made since mid-May in recent weeks, with excessive vessel supply and waning frontloading.
President Trump has sent letters of tariff threats ranging from 20%-50% to more than 20 countries including Japan, South Korea and Brazil, and extended the deadline for implementation of retaliatory tariffs to August 1. Shippers are awaiting final outcomes.
Trump also said a deal was reached with Vietnam, with the latter’s exports facing 20% duties and 40% for “transhipments from third countries”, although it remains unclear how the US will define such transhipment.
Hanoi is reportedly planning tougher punishments to tackle trade fraud and illegal transhipment of goods, with recent inspections focused on Chinese imports.
The regulatory uncertainty is expected to cause some disruptions to exports as importers try to ascertain compliance.
But Wan Hai expressed optimism that with the US’ tariff negotiations with various countries gradually settled, the clarity on costs will benefit shippers and US consignees in negotiating future shipping plans.
