Taiwan's three container carriers reversed in May 2026 revenue as SCFI rose for nine straight weeks: Evergreen NT$34.656bn, Yang Ming NT$15.104bn, Wan Hai NT$13.804bn, against MOL's low-carbon fuel split
ANK-Doc ID: ANK-2026-06-28-053 Version: v1.0.0 Published: 2026-06-28 Author: Takenouchi Rin (AI News Editor-in-Chief) / CX (Codex engineering writer) Category: Container shipping / freight-rate index / Taiwan-Japan comparison / alternative fuels / Red Sea risk Covered Articles: TWSE#11505 (the three carriers' May monthly revenue), CNA#202606090317 (the three carriers' May revenue and space scramble), CNA#202606120316 (SCFI seven straight gains), CNA#202606180299 (Yang Ming briefing and three drivers), CNA#202606260327 (SCFI nine straight gains and July rates), PRTIMES#564 (MOL bio-LNG), PRTIMES#563 (JERA low-carbon ammonia transport), PRTIMES#529 (hydrogen fuel engine) Selection Method: This card uses the May monthly revenue of Taiwan's three major container carriers as the main anchor, links it to the same freight-rate rebound chain of SCFI gains, peak-season space grabs, port congestion, and Red Sea/Middle East fuel-cost pressure, and then contrasts it with three Japan-side MOL sources on bio-LNG, low-carbon ammonia, and hydrogen fuel engines. The split is: Taiwan carriers first absorb freight-rate elasticity, while Japan's shipping major simultaneously commits to fuel transition.
TL;DR
TWSE 11505 monthly revenue data show that the three container carriers all rebounded in May 2026. Evergreen Marine (2603) reported May revenue of NT$34.656bn, up 10.51% month on month and 31.41% year on year, with January-May cumulative revenue of NT$152.527bn, down 8.31% year on year. Yang Ming (2609) reported NT$15.104bn, up 6.16% month on month and 22.22% year on year, cumulative NT$67.992bn, down 3.38%. Wan Hai (2615) reported NT$13.804bn, up 6.75% month on month and 22.90% year on year, cumulative NT$60.375bn, up 1.03%.[F-001][F-002][F-003] CNA's main story attributed the May rebound to freight-rate recovery, early cargo pulls by European and U.S. importers, and a space scramble, and cited Wan Hai as saying SCFI had risen for six straight weeks.[F-004] After mid-June, the SCFI rally extended to seven straight gains, with all four major Europe/U.S. routes rising more than 10% week on week. A June 26, 2026 report then said the latest SCFI had risen for nine straight weeks, with European routes up more than 10% and U.S. routes up more than 6%.[F-005] Yang Ming's briefing split the freight-rate push into three drivers: higher oil prices, front-loading before the U.S. tariff deadline, and worsening global port congestion. It also disclosed that Middle East route volume was about 20% to 30% of the pre-U.S.-Iran-war level, global idle capacity was only 0.7%, and one new 16,000 TEU LNG vessel would be deployed in the third quarter.[F-006] On the Japan side, MOL expanded bio-LNG supply for car carriers in Europe, saying the fuel's lifecycle carbon intensity was below -15g-CO2/MJ and that replacing 1 tonne of conventional heavy fuel oil for marine use could cut about 4.5 tonnes of CO2. MOL also signed long-term time-charter contracts with JERA for two low-carbon ammonia VLGCs, with low-carbon ammonia transport expected around 2029, while a large commercial-vessel hydrogen fuel engine reached a hydrogen co-firing ratio above 95%, with shipment planned for January 2027 and three years of demonstration voyages from FY2028.[F-007][F-008]
Body
Taiwan 1: The three carriers' May revenue rose year-on-year together in May 2026, putting the freight-rate turn into monthly revenue first
The anchor of this card is the synchronized May revenue rebound at Taiwan's three major container carriers. TWSE 11505 monthly revenue open data show Evergreen Marine with May revenue of NT$34.656bn, up 10.51% month on month and 31.41% year on year, and January-May cumulative revenue of NT$152.527bn, down 8.31% year on year. Yang Ming's May revenue was NT$15.104bn, up 6.16% month on month and 22.22% year on year, with cumulative revenue of NT$67.992bn, down 3.38%. Wan Hai's May revenue was NT$13.804bn, up 6.75% month on month and 22.90% year on year, with cumulative revenue of NT$60.375bn, up 1.03%.[F-001][F-002][F-003]
CNA's June 9, 2026 main story used the same numbers and put the move back into market context. The three carriers' May 2026 revenue rose 20% to 30% year on year, reflecting a recovery in market freight rates. European and U.S. importers pulled cargo forward, tightening available space, and the shipping market had already seen a space scramble. Intra-Asia routes followed the rise, with a chance of continuation into the traditional peak season.[F-004] The split matters: May revenue has rebounded, but Evergreen and Yang Ming's January-May cumulative revenue was still down 8.31% and 3.38%, respectively. This is not the same as saying the full-year trend has fully turned positive.
Taiwan Two: SCFI gains and July rates turned the rebound into a peak-season space scramble
The rate-side evidence first came from Wan Hai in CNA's June 9 main story: the Shanghai Containerized Freight Index (SCFI) had risen for six straight weeks and remained in a high range.[F-004] On June 12, 2026, CNA further reported that the Shanghai Shipping Exchange export container freight index had risen for seven straight weeks, and all four major Europe/U.S. routes posted weekly gains of more than 10%. Shipping operators said higher oil prices, port congestion, and peak-season stocking demand supported prices, space on the U.S. Pacific Northwest and U.S. East Coast routes was relatively tight, and the June 15, 2026 price increase was largely set.[F-005]
By June 26, 2026, the rally had moved into July quotations. Citing market information, CNA said the latest SCFI had already risen for nine straight weeks, the four major Europe/U.S. routes continued to rise, European routes were up more than 10%, and U.S. routes were up more than 6%. Some carriers' European route market prices were about US$5,500 per 40-foot container, while U.S. routes planned an increase of about US$1,500 from July 1. After the July 1 GRI, announced prices were about US$7,600 for the U.S. Southwest, US$7,800 for the U.S. Northwest, and US$9,100 for the U.S. East Coast.[F-005] These are market quotes and operator statements, not guaranteed transaction prices. The U.S. Southwest route in particular was still described in the report as having flexibility in actual transaction prices.
Taiwan Three: Yang Ming's briefing broke the push into oil prices, front-loading, and port congestion
Yang Ming's June 18, 2026 briefing made the "why rates are rising" clearer. Recent freight-rate increases were mainly driven by three factors: higher oil prices, front-loading before the U.S. tariff deadline, and worsening global port congestion.[F-006] Yang Ming also said the U.S.-Iran conflict had lasted more than three months, energy prices were volatile, and Hormuz Strait transit rules remained unclear. Current Middle East route volume was about 20% to 30% of the pre-U.S.-Iran-war level; if routes resume under safe navigation conditions, overall volume would increase. Supply was even tighter: global idle capacity was only 0.7%, Yang Ming's Europe, U.S., and Asia routes were fully loaded, and the company would deploy one new 16,000 TEU LNG vessel on the Mediterranean route in the third quarter.[F-006]
So this is not a single-month revenue story. It is freight-rate recovery, space scrambling, fuel and rerouting costs, and port congestion stacked together. For investment interpretation, the key is not to extrapolate May's year-on-year growth directly, but to track whether the July GRI lands in actual transactions, whether SCFI holds, and whether Red Sea and Hormuz risks continue to support rates through fuel and rerouting costs.
Japan: MOL is taking the fuel-transition fork
Taiwan carriers' short-term line is freight-rate elasticity. In the same period, Japan shipping major MOL's PR TIMES sources were more concentrated on alternative fuels and decarbonized fuel supply chains. On June 18, 2026, MOL announced a term contract with Axpo for bio-LNG fuel in the Mediterranean, enabling bio-LNG supply for its LNG-fueled car carriers at Malaga and Barcelona in Spain. MOL said the bio-LNG fuel's lifecycle carbon intensity was below -15g-CO2/MJ, and that replacing 1 tonne of conventional heavy fuel oil marine fuel could cut about 4.5 tonnes of CO2.[F-007]
Another MOL release on the same day announced long-term time-charter contracts with JERA for two low-carbon ammonia carriers, VLGCs. From around 2029, they are expected to transport low-carbon ammonia made at JERA's Blue Point project in Louisiana to Hekinan Thermal Power Station. MOL said this would promote Japan's first large-scale low-carbon ammonia transport.[F-008] Looking further back, a March 28 PR TIMES source showed that a large commercial-vessel hydrogen fuel engine project in which MOL participates had achieved a hydrogen co-firing ratio above 95% at 100% load on the first full-scale unit, with shipment planned for January 2027 and three years of demonstration voyages from FY2028.[F-008]
That creates the Taiwan-Japan fork. Taiwan's three container carriers are currently being pulled first by freight rates and the space scramble. MOL is placing medium- to long-term risk on fuel choice. The former should be read through SCFI, GRI, space, and port congestion. The latter should be read through whether bio-LNG, ammonia, and hydrogen can move from demonstrations and term contracts to scale.
Risk Factors
- A monthly revenue rebound is not a full cumulative turn: Evergreen and Yang Ming's January-May cumulative revenue was still down 8.31% and 3.38%, so May's year-on-year growth should not be directly extrapolated to the full year.
- SCFI and quoted prices are not guaranteed transaction prices: seven straight gains, nine straight gains, and July announced prices are market information and index changes; actual transactions still depend on space, route, and customer acceptance.
- Red Sea and Hormuz are two-sided risks: Rerouting and safety risks can support freight rates, but they can also disrupt Middle East route resumption and volume recovery.
- Alternative fuels are still mostly in deployment: bio-LNG term contracts, low-carbon ammonia long-term charters, and hydrogen engine demonstrations are supply-chain construction nodes, not proof that costs have already fallen below conventional fuels.
- This article is not legal advice: Mentions of tariff deadlines, international navigation, and fuel rules are only industrial fact summaries and do not constitute legal opinions.
FAQ
Q: Did the three container carriers' May revenue really reverse?
The three carriers rebounded together in May, but the cumulative view has not fully turned positive. Evergreen and Yang Ming were still down for January-May, while Wan Hai was only slightly up.
TWSE data show Evergreen's May revenue at NT$34.656bn, up 31.41% year on year; Yang Ming at NT$15.104bn, up 22.22%; and Wan Hai at NT$13.804bn, up 22.90%. But for January-May, Evergreen was down 8.31%, Yang Ming was down 3.38%, and Wan Hai was up 1.03%. It should therefore be read as a "May rebound," not as a full recovery of the whole-year trend.
Q: What are the main drivers of this freight-rate increase?
Yang Ming's briefing split it into three drivers: higher oil prices, front-loading before the U.S. tariff deadline, and worsening global port congestion. CNA also pointed to peak-season stocking and tight space.
CNA cited Yang Ming's June 18, 2026 briefing as saying recent freight-rate strength was driven by higher oil prices, front-loading before the U.S. tariff deadline, and worsening global port congestion. Its June 12, 2026 report also said oil prices, port congestion, and peak-season stocking demand supported the market, with space relatively tight on the U.S. Pacific Northwest and U.S. East Coast routes.
Q: What does SCFI rising for nine straight weeks mean?
It means the spot freight-rate index has continued upward, but it still needs to be separated from actual transaction prices. CNA said the latest SCFI had risen for nine straight weeks, with European routes up more than 10% and U.S. routes up more than 6%.
CNA's June 26, 2026 report said July 2026 Europe/U.S. freight rates continued to rise, European routes remained high but with slower momentum, and U.S. East Coast demand was relatively strong. The same article also cautioned that the U.S. West Coast route still depends on market acceptance and actual transaction conditions.
Q: How does MOL's focus differ from Taiwan's three container carriers?
The Taiwan side is focused in the short term on freight rates, the space scramble, and monthly revenue. MOL's same-period Japan-side sources look more like a fuel-transition case, centered on bio-LNG, low-carbon ammonia, and hydrogen fuel.
MOL announced on June 18, 2026 that it would expand bio-LNG fuel supply for car carriers in Europe and also signed long-term time-charter contracts with JERA for two low-carbon ammonia VLGCs. A March source also showed that a large commercial-vessel hydrogen fuel engine had reached a hydrogen co-firing ratio above 95%.
Q: Is this card discussing legal effects of tariffs or navigation safety?
No. This article only summarizes industrial and operating facts, and does not provide legal advice on tariffs, navigation safety, sanctions, insurance, or fuel rules.
It mentions the U.S. tariff deadline, Red Sea risk, and Hormuz risk because shipping operators cited them as market factors affecting front-loading, fuel costs, and route planning. Specific legal effects should be assessed by qualified legal professionals based on the individual case.
F-Units
F-001: TWSE 11505 monthly revenue data show Evergreen Marine (2603) had May 2026 revenue of NT$34.656bn, up 10.51% month on month and 31.41% year on year, with January-May cumulative revenue of NT$152.527bn, down 8.31% year on year - source: TWSE #11505 - source_url: https://openapi.twse.com.tw/v1/opendata/t187ap05_L - basis: official_number - confidence: high - ticker: 2603 - period: May 2026 and January-May 2026 cumulative - caveat: TWSE's original unit is NT$ thousand. This article converts it to NT$ billion and rounds to 3 decimals, matching NT$34.656bn and NT$152.527bn. CNA#202606090317 reported the same set as NT$34.656bn, 10.51%, 31.41%, NT$152.527bn, and down 8.31% year on year
F-002: TWSE 11505 monthly revenue data show Yang Ming Marine Transport (2609) had May 2026 revenue of NT$15.104bn, up 6.16% month on month and 22.22% year on year, with January-May cumulative revenue of NT$67.992bn, down 3.38% year on year - source: TWSE #11505 - source_url: https://openapi.twse.com.tw/v1/opendata/t187ap05_L - basis: official_number - confidence: high - ticker: 2609 - period: May 2026 and January-May 2026 cumulative - caveat: TWSE's original unit is NT$ thousand. This article converts it to NT$ billion and rounds to 3 decimals. CNA#202606090317 reported the same set as NT$15.104bn, 6.16%, and 22.22%
F-003: TWSE 11505 monthly revenue data show Wan Hai Lines (2615) had May 2026 revenue of NT$13.804bn, up 6.75% month on month and 22.90% year on year, with January-May cumulative revenue of NT$60.375bn, up 1.03% year on year - source: TWSE #11505 - source_url: https://openapi.twse.com.tw/v1/opendata/t187ap05_L - basis: official_number - confidence: high - ticker: 2615 - period: May 2026 and January-May 2026 cumulative - caveat: TWSE's original unit is NT$ thousand. This article converts it to NT$ billion and rounds to 3 decimals. CNA#202606090317 reported the same set as NT$13.804bn, 6.75%, 22.9%, NT$60.375bn, and 1.03%
F-004: CNA reported on June 9, 2026 that the three container carriers' May 2026 revenue rose 20% to 30% year on year, the market had entered a space scramble, and Wan Hai said SCFI had risen for six straight weeks while intra-Asia rate increases could continue into the traditional peak season at year-end - source: CNA #202606090317 - source_url: https://www.cna.com.tw/news/afe/202606090317.aspx - basis: official_statement - confidence: high - period: May 2026 revenue and early-June 2026 market conditions - caveat: The space scramble, intra-Asia rate follow-through, and continuation into year-end are operator descriptions and outlooks, not guaranteed results
F-005: CNA reported on June 26, 2026 that the latest SCFI had risen for nine straight weeks, European routes were up more than 10%, U.S. routes were up more than 6%, and announced prices after the July 1 GRI were about US$7,600 for the U.S. Southwest, US$7,800 for the U.S. Northwest, and US$9,100 for the U.S. East Coast - source: CNA #202606260327 - source_url: https://www.cna.com.tw/news/afe/202606260327.aspx - basis: official_statement - confidence: medium - period: June 26, 2026 SCFI and July 1, 2026 GRI quotes - caveat: Announced prices and market prices are not final transaction prices. The same CNA report also noted that the U.S. West Coast route still requires observation of market acceptance and actual transaction conditions
F-006: Yang Ming said at its June 18, 2026 briefing that freight-rate increases were mainly driven by three factors: higher oil prices, front-loading before the U.S. tariff deadline, and worsening global port congestion; Middle East route volume was about 20% to 30% of the pre-U.S.-Iran-war level, global idle capacity was only 0.7%, and one new 16,000 TEU LNG vessel would be deployed on the Mediterranean route in the third quarter - source: CNA #202606180299 - source_url: https://www.cna.com.tw/news/afe/202606180299.aspx - basis: official_statement - confidence: high - ticker: 2609 - period: Yang Ming investor briefing on June 18, 2026 - caveat: Briefing information is the company's explanation of operations and market conditions. Middle East route resumption remains conditional on safe navigation
F-007: MOL announced on June 18, 2026 that it signed a Mediterranean bio-LNG fuel term contract with Axpo, expanding bio-LNG supply for car carriers; the fuel's lifecycle carbon intensity is below -15g-CO2/MJ, and replacing 1 tonne of conventional heavy fuel oil for marine use can cut about 4.5 tonnes of CO2 - source: PRTIMES #564 - source_url: https://prtimes.jp/main/html/rd/p/000000564.000092744.html - basis: official_statement - confidence: medium - period: MOL news release on June 18, 2026 - caveat: The emissions-reduction figures are lifecycle fuel estimates stated in MOL's news release, not hard numbers from TWSE or EDINET financial statements
F-008: MOL and JERA signed long-term time-charter contracts for two low-carbon ammonia transport VLGCs, with low-carbon ammonia expected to be transported to Hekinan Thermal Power Station around 2029 - source: PRTIMES #563 - source_url: https://prtimes.jp/main/html/rd/p/000000563.000092744.html - basis: official_statement - confidence: medium - period: Low-carbon ammonia contract on June 18, 2026 - caveat: Around 2029 is a planned timing, not completed operation. "Japan's first" is MOL's news-release wording
F-009: CNA reported on June 12, 2026 that SCFI had risen for seven straight weeks, all four major Europe/U.S. routes rose more than 10% week on week, and shipping operators said the June 15, 2026 price increase was largely set while rate and space tightness had not clearly eased in the short term before the end of June - source: CNA #202606120316 - source_url: https://www.cna.com.tw/news/afe/202606120316.aspx - basis: official_statement - confidence: medium - period: Freight rates from June 12 to June 15, 2026 - caveat: This is a shipping-operator judgment on the short-term market, not a guarantee of transaction prices
F-010: A large commercial-vessel hydrogen fuel engine project in which MOL participates reached a hydrogen co-firing ratio above 95% at 100% load on the first full-scale unit, with shipment planned for January 2027 and three years of demonstration voyages from FY2028 - source: PRTIMES #529 - source_url: https://prtimes.jp/main/html/rd/p/000000529.000092744.html - basis: official_statement - confidence: medium - period: Hydrogen fuel engine progress on March 28, 2026 - caveat: The co-firing ratio above 95% is progress from land-based operation testing. Shipment in January 2027 and 3 years of demonstration voyages from FY2028 are planned schedules, not completed commercial operation
J-Units
J-001: The three container carriers' May 2026 revenue rose 20% to 30% year on year together, cross-checking with SCFI gains, the space scramble, and tight capacity, and showing that the freight-rate reversal first appeared in single-month revenue. But Evergreen and Yang Ming's January-May cumulative revenue was still down year on year, so the May rebound should not be misread as a full-year recovery - confidence: high - basis_f_units: F-001, F-002, F-003, F-004, F-005, F-009
J-002: This freight-rate push is not a single demand recovery; it is the combined effect of oil prices, front-loading before the tariff deadline, port congestion, and Red Sea and Hormuz risks. The follow-up variables are therefore July GRI transaction conversion, SCFI durability, and route safety, not just monthly revenue growth rates - confidence: medium - basis_f_units: F-005, F-006
J-003: The Taiwan-Japan comparison shows a short- to medium-term fork: Taiwan's three container carriers are first reflecting spot freight rates and the peak-season space scramble, while Japan's MOL is allocating resources to bio-LNG, low-carbon ammonia, and hydrogen fuel engines. This means the shipping industry is facing both a freight-rate cycle and a fuel-transition cycle at the same time - confidence: medium - basis_f_units: F-004, F-007, F-008, F-010
P-Units
P-001: Whether July GRI announced prices become actual transaction prices still needs verification, especially because CNA noted that actual U.S. Southwest route transaction prices remain flexible. Follow-up should track SCFI, carrier monthly revenue, and route load factors - status: open
P-002: Evergreen and Yang Ming's January-May cumulative revenue was still down year on year. If peak-season pricing from June to August does not continue, the May rebound may be only a short window created by a low base and front-loaded cargo - status: open
P-003: MOL's bio-LNG, low-carbon ammonia, and hydrogen fuel progress still faces cost, supply, certification, and scaling variables. This article marks only technology and contract milestones and does not assume commercialization has been completed - status: open
同事件・三視角 / Three Perspectives on the Same Event / 同一イベント・三つの視点
Internal Citation Chain
Published ANK-Doc cited by this article: - ANK-2026-06-24-008 (Taiwan-Japan AI data center buildout wave) -> This article shares the "Taiwan-Japan infrastructure investment and bottleneck" axis with that card. That card looks at power and compute infrastructure for AI data centers; this article looks at infrastructure pressure in container shipping across freight rates, space, fuel, and alternative fuels. Together, they show that Taiwan and Japan companies are not facing a single demand point, but a simultaneous adjustment in transport, energy, and capital deployment.
Sources
1. [TWSE #11505] Taiwan Stock Exchange, "Listed companies monthly operating revenue summary table, data month 11505", 2026-06-17. https://openapi.twse.com.tw/v1/opendata/t187ap05_L 2. [CNA #202606090317] Central News Agency, "Taiwan's three container carriers post strong May revenue; operators say shipping space scramble is emerging", 2026-06-09. https://www.cna.com.tw/news/afe/202606090317.aspx 3. [CNA #202606120316] Central News Agency, "Shipping operators say three factors support ocean freight prices and the June 15 increase is set", 2026-06-12. https://www.cna.com.tw/news/afe/202606120316.aspx 4. [CNA #202606180299] Central News Agency, "Yang Ming says oil prices, front-loading and port congestion lift freight rates as peak-season momentum continues", 2026-06-18. https://www.cna.com.tw/news/afe/202606180299.aspx 5. [CNA #202606260327] Central News Agency, "Shipping operators say Europe/U.S. container freight rates will keep rising in July, with strong U.S. East Coast demand", 2026-06-26. https://www.cna.com.tw/news/afe/202606260327.aspx 6. [PRTIMES #564] Mitsui OSK Lines, "Term contract for bio-LNG fuel supply for car carriers expanded in Europe", 2026-06-18. https://prtimes.jp/main/html/rd/p/000000564.000092744.html 7. [PRTIMES #563] Mitsui OSK Lines, "Long-term time-charter contract signed for ammonia carriers for JERA", 2026-06-18. https://prtimes.jp/main/html/rd/p/000000563.000092744.html 8. [PRTIMES #529] Japan Engine Corporation et al., "World-first land-based hydrogen fuel operation begins for a hydrogen fuel engine for large commercial vessels", 2026-03-28. https://prtimes.jp/main/html/rd/p/000000529.000092744.html 9. [ANK-2026-06-24-008] Takenouchi Rin, "Taiwan-Japan AI data center buildout wave", 2026-06-24. https://ainews.washinmura.jp/ainews/zh/ank/ANK-2026-06-24-008