ONE reported its 4Q earnings for fiscal year 2022, which is 1Q23 on calendar year, during lunch break last Friday (28 Apr) with net profit down 56% QoQ and 76% YoY. Though, such quarterly results were still better than any quarter before 2021. The average unit revenue earned by ONE fell just 38% YoY whereas CCFI dropped 68% YoY as ONE likely benefited from higher contract mix and more diversified route mix than the CCFI, which is based on all China origin cargoes. ONE management has not prov
China's April PMI New Export Order came out as 47.6 on 30 April, suggesting Chinese export order experienced sequential contraction in April comparing to that of March. Reading through to the volume, the China PMI export orders suggests container volume may experience sequential softening in May or even June relative to the previous months. Though, it is important to read this data bearing in mind that China could be losing export market share to the ASEAN exporters (read here [https://www.liner
Maersk, KMTC, SITC and TS Lines are teaming up to launch a new NEA-SEA service that is branded respectively as the IA-68, CMV, FEM3 and CMV. The new service will call at Qingdao, Shanghai, Ningbo, Port Klang, Penang, Ho Chi Minh City, Shekou, Incheon, Qingdao and is scheduled to start on 9 May 2023, using 4 ships of 2,400-2,500 teu on a 28-days round trip. The following 4 vessels will be deployed initially on the service: * 2,433 teu SITC NANSHA will phase in on 9 May at Qingdao; * 2,556
UPS share price dropped by 10% overnight (Apr 26) on bearish management guidance particularly on the domestic package, which offers a read-through to the demand for container shipping. On what may indicate the latest development of US retail sales, UPS's domestic package volume dropped 5% YoY in 1Q 2023, an acceleration from the 4% YoY drop in the previous quarter. Moreover, management in an CNBC interview suggested that the decline in the domestic package volume accelerated markedly during Ma
K&N reported yesterday (25thApr). The YoY drop in revenue, profit and volume in the group results, and the sea and air segment are no surprises. But the sequential rebound in EBIT/GP conversion rate for Sea Logistics was exceptional given the deterioration of the container shipping market during 1Q 2023. One reason that we figure was that the drop in the freight rates in contracts between K&N and the liners may have come steeper than the drop in spot rates that K&N is selling to the market durin
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202317] No sooner had the transpacific rates rebounded than the carriers started to cut rates again, in a pattern that will likely be repeated over the coming months. The SCFI spot rates to the US West Coast slipped 2% last week after rising by 29% a week earlier. Another attempt to raise freight rates will be made in mid-May, with carriers already deferring the 1 Mayaa GRI due to the Labour Day holidays as cargo volumes are
ANL, CMA CGM's Australia based subsidiary, has launched a new South East Asia Australia - West C. loop on 18 March 2023 using 3 ships of 1,700-1,900 teu. The service will operate in competition with the ONE/Maersk/Hapag-Lloyd service that ANL was initially slated to join. The South East Asia Australia - West C. loop calls at Port Klang, Singapore, Fremantle, Port Klang using the 1,740 teu ELA, 1,809 teu GREEN WAVE and the 1,930 teu PALAWAN. The service operates in competition with the Hapag-Ll
Containerships, the intra-Europe short sea subsidiary of CMA CGM, is launching a new Baltic Express (BLX) service that will call at Bremerhaven, Hamburg, Gdansk, Klaipeda, Riga, Norrkoping, Bremerhaven as an expansion of the Poland Express (PLX). The two vessels, the 1,404 teu HEINRICH EHLER and 1,638 teu BALTIC TERN, currently deployed in th PLX will be redeployed on the BLX. HEINRICH EHLER will start BLX on 1 May 2023 at Bremerhaven followed a week later by BALTIC TERN.
Swire Shipping and UWL have added a new westbound call at Busan on their jointly operated Sun Chief Express transpacific service to the Pacific Northwest. The revised rotation will call at Seattle, Busan, Haiphong, Ho Chi Minh City, Seattle and retain its fortnightly frequency using 3 ships of 2,300-2,700 teu on a 6 week rotation. The first call at Busan was made on 15 April 2023 by the 2,381 teu CHANGSHA.
Matson provided earning alert for 1Q 2023 after US market close yesterday (19 Apr). Net profit at $29.3m to $33.8m, suggesting 60% QoQ and 91% YoY drop, which should be expected by the capital market. The QoQ growth in volume particularly for the China route was a surprise given the China service capacity during 4Q 2022 was much larger than 1Q 2023. Matson is earning premium freight rates relative to the going spot rates and it has exposure to the relatively more stable cabotage businesses, whic