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Companies

Cash Management A Bigger Challenge for Singamas

Singamas reported its full year results during lunch break today (15 Mar). The bottom line results of $46mn for FY and $8mn for 22H2, down 75% YoY and 93% YoY respectively was not a surprise since it was well discussed earlier in 2023 about the surplus of containers in the market and profit alerts were given in November last year and again 2 weeks ago. The negative surprise though come from probably the lower than expected final dividend payout of $6.11m declared for 2022. This came on top of

Services

Zim/GSL rationalizes China Australia CAX service after withdrawal of C2A/C3A

Zim/GSL will add new calls at Busan and Kaohsiung on its China Australia Express (CAX) service. From 18 April 2023, the CAX service will call at Busan, Shanghai, Ningbo, Kaohsiung, Xiamen, Sydney, Melbourne, Brisbane. The revised rotation will turn in 6 weeks and will deploy up to 6 ships of 4,250 teu. The CAX service was first launched in October 2020 and intially called at Ningbo, Shanghai, Yantian, Sydney, Melbourne, Brisbane, Ningbo using 6 ships of 2,500 teu with a Haiphong northbound cal

Ports

Chinese Port Throughput Diverts From Rest of the World

Chinese port data for January remains unavailable, with the publication of official government monthly statistics conspicuously delayed since September 2022. Chinese port data have been inflated since July 2022 with throughput volumes still showing positive growth year-on-year while volumes reported at ports in the rest of the world are clearly in decline. Chinese port volumes have historically led global volume growth, with the pick-up in Chinese port volumes in late 2020 and early 2021 foresh

Ships

Burden of Idling Unevenly Shared Among Carriers

The torrent of new containership deliveries has started with #MSC setting new ship size records twice last week, with more ULCS units to come in the weeks ahead. MSC has widened its gap against Maersk to 587,000 teu with the divergence even greater if idled capacity is taken into account. #Maersk has 298,000 teu currently idled compared to just 68,000 teu from MSC, with the burden of idling excess capacity unevenly shared by the carriers. The idle containership fleet currently stand at 738,014

MarketPulse

Market Pulse – 2023 Week11

Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202311] The torrent of new containership deliveries has started with MSC setting new ship size records twice last week, with more ULCS units to come in the weeks ahead. MSC has widened its gap against Maersk to 587,000 teu with the divergence even greater if idled capacity is taken into account. Maersk has 298,000 teu currently idled compared to just 68,000 teu from MSC, with the burden of idling excess capacity unevenly sha

Companies

ZIM 4Q 2022 fell 64% QoQ but guiding positive EBIT ahead

ZIM has reported a sharp drop in net profits in the 4th quarter of 2022, down 64% QoQ and 76% YoY. Zim’s earnings decline is larger than its peers with its 4Q 2022 EBIT margin the lowest amongst the main carriers that have reported their results so far, apart from intra-regional carriers. ZIM guided $100m- $500m EBIT for 2023 which remains in the high end relative to the company’s pre-2020 EBIT performance. Over the 10 year period from 2009 to 2019, ZIM recorded cumulative EBIT losses totallin

Companies

Wan Hai 4Q 2022 fell into red

Wan Hai provided head line numbers for FY2022 after market close today (13 March). The 4Q net earnings fell into red as per our computation

Companies

Taiwanese Monthly Revenue: February performance hit by lower rates and volumes

Yang Ming and Wan Hai have also reported their February revenue after Friday (10 March) close, following Evergreen's report a day before. The trend is similar to that of Evergreen's e.g. being down 22% MoM and 69% YoY. The 22% February drop is larger than CCFI's 8% MoM drop in February, with volumes falling sharply during the month.

Services

MSC introduces 13,000 teu ships on new FE-Med Dragon service

MSC has launched its new Far East-Med Dragon service on 13 March 2023 with the 13,102 teu MSC PERLE at Shanghai. The Dragon service replaces the former 2M AE-20/Dragon service that was operated in partnership with Maersk that was suspended in April 20202. The new service will be operated independently by MSC and calls at Shanghai, Ningbo, Yantian, Singapore, Ashdod, Naples, La Spezia, Genoa, Fos, Gioia Tauro, King Abdullah, Singapore, Shanghai. The service will turn 9 weeks and will deploy 9

Services

TS Lines add Asia Indian Subcontinent 2 (AIS2) service

TS Lines (TSL)has added a new Asia Indian Subcontinent 2 (AIS2) service after it joined Sinokor and Global Feeder Service (GFS) on their jointly operated Sinokor India Service 2 (SIS 2) / China Sub Continent (CSC) service. TS Lines replaced SeaLead as a partner on this service after the latter pulled out from the service in December 2022. The first TSL vessel to join the service is the 4,380 teu TS SINGAPORE that joined the service on 10 March 2023 at Busan. The SIS2/CSC/AIS2 service calls at

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