Total 196 Posts
Matson’s 1Q 2024 earnings dropped sequentially on higher-than-average volume declines as China-US volume dropped 17% QoQ and 4% YoY due to a reduction in the number of voyages as well as lower vessel utilization. Although Matson continues to enjoy premium rates on its express transpacific services, its competitive edge has been eroded as port congestion on the US West Coast has been largely absent since 2023.
Maersk’s Ocean segment reported negative $161m EBIT for 1Q 2024, lagging well behind its peers which had all turned in positive results. Maersk fared poorly on its operating metrics with OPEX rising faster than its peers while volumes grew at a slower rate, resulting in smaller reductions in unit OPEX. Maersk Line also reported lower sequential average revenue gains compared to 4Q 2023, due to its higher contract mix and aggressive spot rate pricing. Maersk’s management raised the lower end of
The first carriers to report 1Q 2024 financial results showed strong sequential improvements in earnings driven by higher average freight rates driven by the Red Sea crisis. However, earnings are down on a YoY basis, with carriers that have higher contract ratios reporting bigger YoY drop in earnings. Carriers’ top line revenue tracked below CCFI due in part to lagging revenue recognition with lower contracted rates from last year dragging down carriers’ average revenue gains. Liftings grew acr
The Taiwanese liners and OOIL have reported their top line results for 1Q 2024 between 10 April and 12 April (last week), being the first batch of operating updates from container liners for the period. The revenue for 1Q 2024 rebounded between 11% and 34% QoQ as expected but the rebound tracked below the CCFI’s 51% jump QoQ. Nevertheless, the top line rebound should move the liners’ EBIT margin to mid teen in 1Q. YMM being the liners with higher long haul spot exposure has delivered the higher
Capacity competition between carriers remain very keen, as shown by Zim’s growth since 2020. New vessel deliveries at more than 1 ship delivered daily since March will continue with over 300,000 teu scheduled to be delivered each month in April through June. Zim has received the ZIM MOUNT VINSON on 3 April, the last unit in the series of 10 ships of 15,248 teu built by Samsung H.I. for Seaspan. These 10 ships have been chartered by Zim for 12 years and brings its total capacity operated to 714,
COSCO reported full report for 4Q 2023 after market on 28 March, which provided further details to the earnings alert already disclosed in January. The unwinding of provisions booked in 2021 and 2022 have continued to help lift COSCO’s earnings in 2023, as COSCO’s unit costs are falling faster than the industry average.
Evergreen Marine Corp (EMC), the Taiwan listed marine arm of the Evergreen Group posted the highest EBIT earnings margin amongst the main container carriers in 4Q 2024, with EBIT operating profits reaching NTD 4.7Bn (US$150m) for an EBIT margin of 6.8%. Full year operating profits reached NTD 34.7 Bn ($1,083m) while net profits hit NTD 35.3 Bn ($1,001m), with the company directors proposing cash dividends to shareholders of NTD 10 per share with a total payout of NTD 21.4 Bn at a dividend payou
ONE announced an aggressive midterm plan on 19 March to grow its operated fleet to 3m teu by 2030 which represents a 66% growth from its current fleet of 1.8m teu, at an annualised growth rate of 10% a year. The plan entails capital investments of $25 Bn and a further $10 Bn in associated assets over the next 5 years, which could also include the transfer of some of the assets from its 3 shareholders (NYK, MOL and K Line). The move by ONE represents a belated attempt to regain market share, aft
Hapag Lloyd reported EBIT losses of $251m for the 4th quarter of 2023, with a muted earnings guidance for 2024 despite the expected earnings upside after the rebound in freight rates following the Red Sea crisis. Historically, Hapag-Lloyd’s earnings guidance have been overly conservative as out of the 9 previous guidance provided since 2015, Hapag Lloyd delivered better-than-expected results 6 times and was in-line 2 times.
ZIM reported FY2013 results before Market on 13 March 2024. The $147m net loss for 4Q 2023 was better than the average consensus estimates on Bloomberg. The capital market was disappointed, anyhow, on a set of cautious guidance despite of the recent rebound in the spot rates. For 2024, management guided -$300mn to +$300mn for EBIT; and $850mn to $1,450 mn for EBITDA. In other words, depreciation guidance is $1,150mn, which means the depreciation expenses for 2024 will not drop much against the