Evergreen issued $300 million corporate bonds

Evergreen said in a statement on July 9 that its board of directors had decided to issue "the first overseas unsecured convertible bond" with a ceiling of $300 million and a tentative five-year term.
 
The announcement said the funds raised were mainly used to meet the company's needs in the purchase of ship fuel, ship equipment, as well as chartering ships.
 
In terms of performance, Evergreen Marine's consolidated operating revenue in the first quarter of 2020 was approximately NT $43.475 billion (US $1.453 billion), down from NT $45.697 billion in the same period of 2019.
 
During the reporting period, Evergreen turned a loss of NT $441 million (US $14.76 million) due to shareholders of its parent company, compared with a profit of NT $560 million a year earlier.
 
In terms of capacity, chartering capacity represents 53.9 percent of Evergreen's total capacity of 1.25 million TEU. It has orders for 60 new ships, the most of any shipping company. The capacity is about 520,000 TEU, accounting for 41.7% of its current capacity.
 
Source: Sarah Yu, XINDE MARINE NEWS

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