Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202232] Hopes for a peak season reprieve have been dashed with carriers continuing to slash rates in their futile attempt to retain volumes amidst weak cargo demand. Rates on some intra-Asia corridors have dropped to pre-Covid levels, in an early warning sign that the high freight rates that carriers have enjoyed in the last 2 years could unravel very quickly. The SCFI slipped by 4.7% last week but further drops are inevitab
Tailwind Shipping has become the latest carrier to join the Linerlytica Top 50 carrier list, after its operated fleet swelled to 5 ships with a total capacity of 17,206 teu, including 2 units that it has purchased in the last 3 months. The company’s fleet is expected to rise further with 3 more chartered ships to join the newly established carrier in the next few weeks. Tailwind is also reported to have acquired 2 newbuildings of 1,380 teu currently under construction at Jinglu Penglai that wil
YMM's reported another set of great results much in line with the other liners already reported. However, market consensus may have expected it and the market focus at this point is whether the liner earnings could sustain. YMM's net profit were down 12% QoQ on sequential decline in the spot freight rates and increase in bunker price. In the details, liner EBIT down 8% QoQ or $217mn. Revenue was down $110mn QoQ, driven primarily by the spot freight rates, while bunker expenses, driven by bunker
HMM reported on 10th Aug. HMM's 2Q earnings was down 13% QoQ at group level. (correction: previously mistaken as 58% drop) Though, the group level operator cashflow was down only 3% QoQ. Hence, most of the 13% sequential drop in earnings was due to non cash items. One of those non cash items is the derivative valuation losses (>KRW 1bn), which, in our estimate, may be long KRW positions as hedges to HMM's likely future KRW payments e.g. debts and head office expenses. However, HMM container d
Sealand Asia is starting PH9 calling Xiamen, Taichung, Hong Kong, Shekou, Sihanoukville, Bangkok, Laem Chabang, Ho Chi Minh City, Batangas, Manila, Yantian, Hong Kong, Cagayan de Oro, Cebu, Xiamen on 28-days round trip. The service will start with 1,750 teu NORDTIGER on 13 August at Cagayan de Oro.
ZIM is starting Mexico Central America Express (MXC) calling Progreso, Veracruz, Altamira, Santo Tomas De Castilla, Puerto Cortes, Kingston, Progreso. The service will start with 966 teu CONTSHIP PEP on 10 October at Progreso. The service seems to go on fortnightly basis.
Sinokor is starting Shanghai Russia Service (SRS) calling Busan, Kwangyang, Shanghai, Busan, Vladivostok, Busan. The service will start with 1,003 teu HEUNG-A XIAMEN on 20 August at Busan. Another ship, 1083 teu HE SHENG, will join at Shanghai on 31 August, after being out of drydock.
Taiwanese liners' industry first top line reports came out over the last three days. In July, Evergreen delivered another record revenue while both Yang Ming and Wan Hai saw their top line came of 5% and 6% MoM respectively. In aggregate, the Taiwanese liners' top line in NTD was down 1% MoM. Since USD has strengthened further in July, these liners' top line in USD maybe down 2% MoM. Given July volume usually is higher than same in June. Average freight rates may be down sequentially during J
Hapag Lloyd reported 22Q2 results before market on Aug 11. Northing surprising for those following the Taiwanese liners top lines, Maersk and and ONE reports. Hapag Lloyd's earnings edged higher QoQ to have another all time high. 2022 guidance is being revised upward now that management expected 2022 $19.5bn EBIT (previously $17.5bn; 2021 $ 11.1bn). Highest analyst estimate in the capital is expecting Hapag Lloyd to double its EPS YoY this year. In the details, the sequential drop in bunker con
Summit Shipping Line, a new container shipping company formed by the Xiamen Port Group and based in Singapore, has launched the China Manila Express (CMX) service using the 724 teu ATLANTIC BRIDGE from 29 July 2022. The CMX calls at Shanghai, Xiamen, Quanzhou, Manila with sailings every 12 days. Summit Shipping has chartered the ATLANTIC BRIDGE from Sinokor related interests for 5-6 months at a daily rate of $29,000.