Evergreen Maritime Shipping Company's Success - Example

Evergreen Maritime Shipping Company Student’s Name Institution Evergreen Maritime Shipping Company Address Miami EVERGREEN SHIPPING AGENCY (AMERICA) CORPORATION (MIAMI SALES OFFICE) 3350 SW 148 AVENUE, SUITE 110, MIRAMAR , FLORIDA 33027 Tel Number: 1-954-7342779 Fax Number: 1-954-7342819 Email Address: atl@evergreen-shipping.us Web Site: www.evergreen-shipping.us Historical Background and Location Evergreen Group commenced with the setting up of Evergreen Marine Corporation (EMC) back in September 1st 1968 by Dr. Yung-Fa Chang (Evergreen Marine Corp, 2015). Evergreen had a humble beginning and operated as a single second-hand general freight, however, despite this, the company has advanced all through its history to attain multiple excellent achievements. Today, Evergreen turn to be the one of the most reputed international shipping corporations in regard to its service quality, armada operations and inventive shipbuilding concepts. Evergreen Marine Corporation has its headquarters in Luzhu District, Taoyuan City, Taiwan, China. In fact, Evergreen is an international containerized-cargo shipping corporation (Evergreen Marine Corp, 2015). In response to that moment’s tendencies within shipping of liner, Evergreen commenced its initial complete container service within 1975, linking the US East Coast and the Far East. That service was successfully implemented despite the oil crisis impacts’ on the global economy and sequentially the shipping industry which took place during that moment. EMC made a huge move in 1984 by starting a 2-way Round-the- World container service (Evergreen Shipping Agency (America) Corp, 2015). Owing to that inventive move, EMC turned to be the earth’s biggest container shipping corporation in the year 1985. The momentum offered to Evergreen’s development has since gone on and a complete service network enveloping the entire key ports round the earth, has now been instituted. In 1999, for the purposes of ensuring the safe steering of its containers, lessening both world’s oceans pollutions and accidents, Evergreen launched the Evergreen Seafarer Training Centre (ESTC). ESTC being one of the most seasoned international’s training services; the centre offers the best quality training for the seafarers who work in the fleets of the Evergreen. The primary aims of the trainings are ensuring the safety of vessels, cargo and crews. In fact, ESTC turned in the June of 2001 to be the Taiwan’s initial training centre to be given the ISO-9001:2000 certificate by DNV (Det Norske Veritas) (Evergreen Marine Corp, 2015). Through following the vision’s guidance of Dr. Chang, the vessels of Evergreen turn to comply with the strict environmental policy of the company. The Evergreen’s 7,024 TEU S-type cargo ships that began being delivered in 2005, possesses environmental-friendly designs integrating such elements like, well-guarded fuel tank design, double-skin hulls, and substitute maritime power among others. Those inventive elements were aimed to go beyond the existing international ecological standards at that time. Importantly, ecommerce has been embraced by Evergreen Line as a basic constituent of a complete transportation service and puts effort in ensuring that its incorporated information system turn to be at the front position of technological progression. The easy to use line e-commerce system “ShipmentLink’’ makes it possible for the customers to fast look for schedules of sailing and monitor their shipments movements on the net (Evergreen Marine Corp, 2015). In order to further ensure offering of quality service, the “ShipmentLink Mobile” has been launched by Evergreen. The “ShipmentLink Mobile” turns to be an e-commerce system application that is available on devices that are held by the hands. The service eases work for the shipment owners in updating the recent information of shipping anywhere and at any moment they desire. Evergreen provides the contact form on its website where customers fill in the required fields and hit the submit button upon completion. What someone requests on the form get answered by the Evergreen responsible employees either through email, phone or both. Operations Its major trading routes include: the Caribbean and Central America, the Far East to Australia, the Far East to the East Mediterranean and northern Europe, the Far East to North America, South America and South Africa, Europe to the East Coast of North America; as well as an intra Asia service connecting ports within Asia to Persian Gulf, Middle East and the Red Sea (Evergreen Marine Corp, 2015). Having in excess of 150 container ships the company forms portion of the Evergreen Group firm of transportation companies and allied corporations. In point of fact, Evergreen has 240 ports globally within roughly 80 nations, and turns to be the fourth biggest corporation of its kind, positioned after Mediterranean Shipping Company, Maersk and CMA CGM in that sequence. Evergreen’s activities comprise of development of real estate, ports management, engineering, manufacturing of ships and containers and shipping. Divisions and subsidiaries comprise of Evergreen UK Ltd. (UK), shipping company Italia Maritima S.p.A (Italy) and Uniglory Marine Corp (Taiwan) (Evergreen Shipping Agency (America) Corp, 2015). In 2007, Italia Maritima, Evergreen and Hatsu were amalgamated into the sole Evergreen Line. In point of fact, many of the containers of Evergreen shipping turn to be painted green bearing the word ‘Evergreen’ put on the sides being white lettered. On the other hand, Uniglory containers turn to be marked and painted similar to Evergreen’s containers, but their containers turn to be bright orange. The reefer refrigerated containers of Evergreen possesses a reverse scheme of colour (that is white containers being green lettered). Interestingly, the busiest routings of the shipping line turn to be within the first class, Central America and East Asia to North America (Evergreen Shipping Agency (America) Corp, 2015). In that locale, common traffic turns to be between Taiwan with the United States West Coast, China, Korea and Japan together with the way to the East Caribbean through Panama. Financial Report The applied principal accounting policies within the preparation of Evergreen’s Maritime Company consolidated fiscal statements are as explored in this report. The first policy is on compliance statement. In this scenario, the Evergreen’s fiscal statements are prepared according to the rules administering the Financial Reports Preparation by IAS 34, ‘Interim Financial Reporting’ and Securities Issuers as certified by the FSC (Evergreen Marine Corporation (Taiwan) Ltd. and Subsidiaries, 2015). The second policy is the preparation basis. In this case, the preparation of consolidated fiscal statements turns to be under the various historical price conventions that include: financial liabilities and assets at fair worth, through loss or profit, and financial assets available for sale quantified at fair value among others. Additionally, the Evergreen’s financial statements preparation conforms to the International Accounting Standards, International Financial Reporting Standards; SIC Interpretations and IFRIC as approved by the FSC which demands the utilisation of particular critical accounting approximates. The other policy is on consolidation basis. In this scenario, the ground for preparing consolidated fiscal statements comprise of: (i) involvement of the entire subsidiaries within the consolidated fiscal statement of the Group, and (ii) the moment the Group fails in controlling the subsidiary, the Group remeasures whichever retained investment within the previous subsidiary at the subsidiary’s fair worth among others (Evergreen Marine Corporation (Taiwan) Ltd. and Subsidiaries, 2015). The other policy is on the translation of foreign currency. In this case, items contained within the fiscal statements of every entities of the Group turn to be quantified utilising the legal tender of the primary economic situation within which the entity turn to be operating. Last and not least policy is on cash equivalents. Cash equivalents are regarded as the highly liquid, short-term investments which are easy to change to certain sums of cash and that turn to possess little risk of value change. References (2015). Evergreen Shipping Agency (America) Corp. Retrieved 10 October 2015 from http://www.evergreen-shipping.us/ Evergreen Marine Corp. (2015). Corporate Profile. Retrieved 10 October 2015 from http://www.evergreen-marine.com/tbi1/jsp/TBI1_CorporateProfile.jsp Evergreen Marine Corporation (Taiwan) Ltd. and Subsidiaries. (2015). Consolidated Financial Statements and Review Report of Independent Accountants June 30, 2015 and 2014. Retrieved 10 October 2015 fromhttp://www.evergreen-marine.com/tbf1/pdf/2015H2-Consolidated_Financial_Report.pdf Read More