ONE is launching PHILIPPINE EXPRESS 2 (PHX2 or PH2) that calls Singapore, Manila, Davao, Singapore on weekly basis with two ships, 1,091 teu CONTRIVIA and 1,096 teu CONTSHIP ERA. CONTRIVIA will phase in at Singapore on Nov 10 while CONTSHIP ERA will phase in at Singapore too on Nov 21. CONTRIVIA was recently servicing Bohai Feeder 2 while CONTSHIP ERA was mostly servicing Straits-Philippines service (PHX) recently except for a couple of ad hoc voyages between Singapore and India.
AD Ports have agreed to buy an 80% stake in Dubai based Global Feeder Shipping (GFS) on 3 November 2022 for a total consideration of $800m, implying a total valuation of $1 Bn for GFS. In the last 12 months, GFS recorded total revenues of $1,085m, EBITDA of $521m and Net Profit of $481m, with an EV/EBITDA multiple of 1.9x for the transaction. According to AD Ports, it assumed a correction of 60% in the freight rates over the coming years from the peak rates in 2022 before arriving at the agre
Maersk reported 3Q before market open today (2 Nov 2022). Earnings turned out better than expected (BTE) but guidance stayed unchanged, suggesting a bearish outlook. BTE 3Q Results: EBIT $9.48bn, up 5% QoQ and 62% YoY, beat Bloomberg consensus estimate of $8.63bn. The BTE earnings were due to higher contract freight rates. During the period, Maersk continued to experienced costs increase particularly in bunker and depreciation, which including chartering. Maersk's 3Q volume dropped 8% YoY and 3
Poseidon Acquisition Corp, an entity formed by ONE together with the 3 controlling shareholders of Atlas (Fairfax Financial Holdings, the Washington family and David Sokol, chairman of Atlas) have entered into a definitive agreement on 1 November 2022 to acquire Atlas in an all-cash transaction for an enterprise value of $10.9 Bn. Poseidon will acquire 32% of the outstanding common shares of Atlas not owned by the 3 controlling shareholders for $15.50 per share in cash, which represents a 34% p
Expectations of a surge in containership scrapping in the coming year is unwarranted as many of the older ships have been given extended lifespans in the last 2 years, having completed their class renewal surveys/special surveys that would push their useful lives until 2026-2027. Based on Linerlytica’s analysis of the containership fleet’s special survey due dates, there are less than 300 ships with a total container intake 700,000 teu that will have their 20 or 25 year surveys due in 2023, wit
Thor Svecon Group (TSG) will add a fourth ship to its SUN Line service to offer a new connection between Stockholm, Hull and Rotterdam using the 646 teu PERSEUS from 7 November 2022. SUN Line currently operates the 304 teu ODIN and FREJ, together with the 360 teu ALBREK on its existing service that connects the ports of Vasteras, Sodertalje, Oxelosund, Antwerp, Amsterdam and Hull. SUN Line's existing Sweden-Hull-Benelux service
Global port throughput may be down 4.3% Mo and 0.2% YoY, based on Linerlytica's port sample of over 200 ports globally. Higher than expected volumes at Chinese ports has lifted global estimates for September marginally, but the trend remains negative with volumes still falling by 4.3% on a month to month basis, with a sharper drop expected in October. YTD volume growth in the first 9 months of 2022 is estimated to have reached 1.2% compared to the same period last year. But slower growth in
Global port congestion continues to ease, although the number of ships waiting at anchor at Chinese ports would have fallen more if not for some 9 ships of over 10,000 teu that are currently idle at various North Asia locations. These ships are not waiting to berth and have been temporarily idled as carriers are forced to remove excess capacity due to the softening market demand. However, most of these ships are scheduled to return to service within the next 2 weeks with carriers still reluctan
COSCO has confirmed a new order for 12 new methanol-dual fuel ships of 24,000 teu to be built at 2 of its 50% owned shipyards – Nantong COSCO KHI and Dalian COSCO KHI. These ships cost $239.85m each and 7 units will be under OOCL’s account. It adds to 12 units of 23,000 teu that were ordered in March and October 2020 on OOCL’s account for delivery in 2023 and 2024. The earlier units will operate on conventional fuel with scrubbers and cost $156-157m each. COSCO is the second major carrier to c
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202243] Freight rates will continue to soften into November with carriers unable to push through any material rate increases planned in the coming month. The SCFI index slipped 4.6% last week, with more weakness expected especially on the Asia-Europe and Asia-US East Coast routes as capacity utilisation remains under pressure. The Middle East Gulf is the only tradelane where rates are enjoying a boost with capacity utilisati