TS Group, the parent company of TS Lines, has filed for an Initial Public Offering (IPO) in Hong Kong on 28 October 2022, following similar plans by CUL and LC Logistics (parent of BAL). According to information provided in its IPO filing, the intra-Far East trade accounted for 42% of TS Line's total revenues in the first half of 2022, and the share has shrunk from 95% in 2019 and 92% in 2022 to the current 42%, due to the growth of Asia-Oceania and Transpacific which currently account for 26
ONE reported better-than-expected 22Q3 (Company's FY22Q2) results during lunch break today (31 Oct 2022) but guided beginning of an earning down cycle. Net profit for 22Q3 was $5.5bn, up 31% YoY but flat QoQ. We have expected 10-20% QoQ drop in earnings for the industry for 3Q. The positive surprises came from the average freight rates which was up 5% YoY, beating the 7% QoQ drop in CCFI on likely two factors: (1) accounting delay in revenue booking because ships, particularly those in the l
RCL has launched a new RCL East Malaysia (REM) service connecting Singapore, Kota Kinabalu, Muara, Bintulu, Singapore service from 10 October 2022 using the 628 teu SUPA BHUM. The service operates on a 14 day frequency.
Global Feeder Shipping (GFS) will launch a new Spain-Turkey Service (STS) starting from 9 November 2022 calling at Ambarli, Gebze, Valencia, Barcelona, Ambarli. The service will turn in 2 weeks with the 1,440 teu GFS SAPPHIRE and the 679 teu SEADRAGON. GFS will partner with ONE on this intra-Med service. Spain-Turkey Service (STS) port rotation
COSCO reported full 3Q results after Friday (28 Oct) close, being the first top ten liner to report. The 16% sequential drop in earnings were already disclosed on 10 Oct's earning alert. Drivers to the sequential drop in earnings during 3Q were 11% QoQ increase in operating costs and 4% QoQ drop in volume. In other words, unit costs increased by 16% QoQ. Surprisingly, COSCO's average freight rates were up 1% QoQ during 3Q. Most of the impact from the collapse in spot freight rates since summer w
The Unitrans Group has made an unique China-Russia trip connect Taicang, Lianyungang, Nakhodka, St Petersburg via the Arctic route using the 650 teu icebreaking containership MONCHEGORSK. The 650 teu MONCHEGORSK left Taicang on 21 Oct and Lianyungang on 25 OctThe MONCHEGORSK is one of 5 'Arctic Express' series containerships built by Norilsk Nickel in 2006-2009 that normally operate on the Murmansk-Dudinka-Archangel route in the Arctic Ocean. The ship is making a return trip to Russia after dry
CMA CGM is launching Manaus Shuttle that will call Cartagena (Col), Manzanillo (Pan), Macapa, Manaus, Macapa, Vila do Conde, Cartagena (Col) on 28 days round trip. The service will start with 2,564 teu CMA CGM PEMBA at Cartagena on Dec 2. These five ships currently deployed to Brazil Express and Brazil Express 2 have been assigned to this new service: 2,564 teu CMA CGM PEMBA, 2,556 teu CMA CGM PUERTO ANTIOQUIA, 2,546 teu BALLENITA, 3,534 teu BOMAR PRAIA, 3,091 teu LUTETIA.
Aladin Express will launch a new Gulf-Pakistan Express (GPX) service linking Karachi to Sohar and Hamad. GPX will focus on the Pakistan exports of agricultural commodities to the Middle East Gulf. The veseel deployed and start date have not been announced.
SITC provided 3Q operation update at noon on Monday (24 Oct). SITC's container shipping and logistics revenue up 41% YoY but dropped 20% QoQ.
K&N reported CHF688mn net profit for 22Q3, up 19% YoY but down 14% QoQ, accelerating sequential fall in earnings. We have expected the earning cycle of seafreight forwarders to move earlier than the container liners in this down cycle on the premises that spot rates, which the forwarders may rely on for the income, have declined faster than the the contract rates, which represent the bulk of forwarders' cost base. So far, K&N seafreight earnings have started to come down sequentially since 22Q2,