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Port Congestion

Port congestion eased over past week

Global port congestion have eased over the past week, with improvements in China and North America helping to bring overall global congestion to 12.6% of the global fleet compared to a peak of 15.0% at the end of March. In China, the berthing delays at Ningbo and Shanghai is improving...


Maersk 22Q1 II

Maersk contract rates are up $1400/FFE YoY, which, in our estimates, contribute $10bn YoY additional revenue/profit. Fuel costs inflation amount to $1.5-3.5bn. Acceleration in average freight rate increase may be unique to Maersk and help close its gap relative to peers on EBIT margin.


OOIL 22Q1: $1.1bn provisions booked in 21H2

The exceptional unit costs rise reported by OOIL for 21H2 shocked many analysts. What may have gone unnoticed are the oversized provisions booked not only for its commitment to Long Beach Terminal but also other OPEX and employee compensations


COSCO 22Q1: account payables exceeded quarterly OPEX

Cosco’s relatively depressed earnings for 21Q4 and 22Q1 are due to the substantial provisions booked over the past two quarters. By end of 22Q1, Cosco’s short term payables account has ballooned to Rmb69bn, which is a significant amount for Cosco’s 22Q1 operating expense was only Rmb67bn.


Market Pulse – 2022 Week 17

Register Free Trial [] The last week of April failed to lift rates, despite the impending contract rate increases on the transpacific routes with higher rates taking effect from 1 May. Asia to US West Coast contracts will rise to an average of $9,000/feu while US East Coast contracts will increase to $11,000/feu which is higher than current spot rates of $7,800 and $10,600 respectively. With most of the Asian markets closed for the Labour


CUL to launch 3rd Transpacific string

China United Lines (CUL) has launched the Transpacific Express III (TPN) service, its 3rd tranpacific service. The service started on 5 May with the 1,868 teu XIN MING ZHOU 106 calling at Haiphong, Ho Chi Minh City, Nansha, Ningbo, Qingdao, Los Angeles, Oakland. A sistership, XIN MING ZHOU 108 will also join the service on 20 May at Ningbo. The port rotation of this new service is irregular but is expected to call at Qingdao, Shanghai, Ningbo, Xiamen, Yantian, Los Angeles, Oakland, Qingdao.


CMA CGM launch India East Coast Express 2

CMA CGM will launch a new India East Coast Express 2 (IEX 2) service connecting Singapore, Chennai, Colombo, Singapore from the end of May 2022. The service turn in 2 weeks using 2 ships of 1,700 teu starting from Singapore on 30 May 2022 with the 1,732 SONGA TIGER.


Swire Shipping acquires Westwood Shipping Lines

Swire Shipping has signed an agreement to acquire Westwood Shipping Lines from J-WeSco, a subsidiary of The Sumitomo Warehouse Co. on 28 April 2022 for $100m upon closing, plus an additional payment of up to $45m subject to the finalisation of Westwood's financial results for fiscal year 2022. The acquisition is subject to regulatory approval and other closing conditions and is expected to be concluded by June 2022. Swire will also acquire 4 multipurpose open hatch containerships of 2,048 teu/4


CMA CGM, COSCO and OOCL to launch 4th Northeast Asia-Australia loop

ANL/CMA CGM, COSCO and OOCL will launch a new A3 Express (A3X) service connecting Shanghai, Shekou, Brisbane and Sydney from 12 July 2022 (Launch date originally scheduled for 31 May 2022 but have been postponed). The new service will complement ANL/CMA CGM, COSCO and OOCL's existing services linking North East Asia with Australia’s east coast that is currently provided through the A3N, A3C and A3S services: A3N Rotation: Yokohama, Osaka, Busan, Qingdao, Shanghai, Kaohsiung, Melbourne, Sydney


Maersk 22Q1 above expectation

The 22Q1 results were near high end of consensus estimate. But broadly consistent with the results from other smaller liners e.g. sequentially higher earnings driven by higher freight rates despite of lower volume.

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