Revenue at T3EX surges as shipping rates remain high

• By Kao Shih-ching / Staff reporter

Freight forwarder T3EX Global Holdings Corp (台驊國際) on Friday reported revenue for last year of NT$3.45 billion (US$124.6 million), up 90 percent from a year earlier, and cumulative revenue of NT$36 billion for the year, up 137 percent from a year earlier, on the back of high shipping rates.

Revenue from its sea cargo forwarding operation showed the highest growth among all sections, advancing 224 percent from a year earlier to NT$25.6 billion for last year, followed by 137 percent growth from its railway forwarding business to NT$1.69 billion, T3EX said.

Port congestion and labor shortages, as well as COVID-19 lockdowns in Southeast Asian countries, continued to push sea freight rates upward, contributing to revenue momentum, the forwarder said.

Photo courtesy of Dimerco Express Corp

“Shippers’ on-time ratios remain at a record low level — only one-third of all vessels can operate and deliver goods on time. There is still a discrepancy between supply and demand in the sea shipping market,” T3EX said in a statement.

The forwarder expects air cargo rates to remain high this year, as the disruption in the sea freight market could prompt more clients to utilize air services, it said.

T3EX’s peer Dimerco Express Corp (中菲行) on Thursday reported revenue of NT$38.85 billion for last year, up 72 percent from a year earlier, on stronger freight rates.

Dimerco, which focuses on strategic logistics planning and execution for international goods, saw full-year revenue from its air cargo forwarding operation rise 47.5 percent from a year earlier to NT$21.22 billion, accounting for 54.7 percent of all revenue, it said.

Revenue from its sea freight forwarding operation advanced 137 percent year-on-year to NT$16.2 billion, accounting for 41.8 percent of all revenue, it said.