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Wan Hai in the red in 1Q 2023

Wan Hai reported its largest quarterly net loss at $70m in the first quarter of 2023, with losses at the gross profit level and operating cashflow level. Wan Hai has reduced its capacity exposure to Transpacific trade from 35% to 25% of its total capacity operated in the first quarter, with most of the reductions in the FE-WCNA route where capacity utilization has declined. Wan Hai's revenue dropped 71% YoY, the deepest YoY drop among the liners that have reported their first quarter perform


Capacity Deployed Up Even in TP

Transpacific vessel capacity is rising again after continuously dropping for the last 12 months, but remains 16.7% lower compared to the peak in April 2022. The recent increase was due to the injection of neo-panamax newbuildings of 13,000 to 15,000 teu into the transpacific trade. Meanwhile, Asia-Europe capacity has continued to increase due to the injection of new ships on the route, with the 2M announcing the addition of 9 more ships on their Asia-Europe services from June. Despite the reduc


Market Pulse – 2023 Week20

Carriers failed to push ahead with the mid-May GRI, with transpacific and Asia-Europe rates still slipping amidst an increase in vessel capacity on both tradelanes. Overcapacity continues to pose the biggest challenge to a freight rate recovery, but the weakening freight rates has not deterred carriers from adding more capacity. The charter market is rapidly running out of open tonnage and the idle fleet has dropped to just 1% of the total fleet for the first time since October 2022. The positi


YMM earnings down 95% YoY

YMM put out its preliminary financial data after market on 12 May and then gave the full quarterly disclosure on 15 May. Profit attributable to shareholder down 95% YoY to a level similar of those seen in the long trough cycle before 2020.


SITC revises CMI2 service

SITC has revised its China Malaysia Indonesia 2 (CMI2) service that was first launched in March 2021 with calls at Semarang and Surabaya to be removed from May 2023. The new CMI2 rotation will call at Nansha, Shekou, Haiphong, Qinzhou, Ho Chi Minh City, Jakarta, Laem Chabang, Ho Chi Minh City, Batangas, Manila(N), Nansha. The revised service will turn in 4 weeks using 4 ships of 1,000 teu to 1,300 teu - the ISEACO FORTUNE (1,367 teu), SITC QINZHOU (1,043 teu), TIGER BINTULU (1,384 teu) and TI


Containerships/CMA CGM combines PGWC and POSS service

Containerships will combine the PGWC (Portugal-West Coast) with the POSS (Portugal South Spain) into a revamped PGWC service from 18 May 2023. The extended service will call at Dublin, Liverpool, Montoir, Leixoes, Algeciras, Vigo, Setubal, Leixoes, Ferrol, Liverpool, Dublin. The upgraded weekly service will turn around in 3 weeks starting with the 809 teu CMA CGM GOYA at Dublin on 18 May, followed by the 750 teu ENFORCER on 25 May and 868 teu WILHELM on 1 June. The service replaces the current


Evergreen launches KTH

Evergreen will launch a new Korea Taiwan Haiphong (KTH) service calling at Hakata, Ulsan, Busan, Kwangyang, Qingdao, Taipei, Kaohsiung, Haiphong, Kaohsiung, Taipei, Hakata on 21-day round trip with three 1,700 teu-1,900 teu ships from 4 June 2023. The KTH service will deploy the 1,984 teu EVER CLEVER, 1,844 teu EVER CHASTE and 1,708 teu QUEZON BRIDGE that will phase in at Hakata on 4 June, 14 June and 28 June respectively. QUEZON BRIDGE will be replaced by the 1,809 teu EVER CHARM on 11 July a


TWN Liner Revenue Resumed Sequential Fall

Taiwanese liners' April revenue fell 5% MoM after a 1-month rebound in March. The decline in these liners' revenue start to mirror that magnitude of the fall in CCFI.


Hapag-Lloyd Took Lead in EBIT Margin Race

Hapag Lloyd reported before European market open today (11 May) where net profit dropped 38% QoQ and 57% YoY. The drop should be expected but fared better than the liner peers that have reported so far. Hapag Lloyd's average freight rates fell only 28% YoY versus CCFI's 68% YoY, benefited by Hapag Lloyd's higher mix in Transatlantic trade, which is not a composite in the CCFI. Hapag Lloyd EBIT at 31% in 1Q23, is better than all the other peers reported so far.


Parent Companies Guide 90% Fall in Earnings from ONE

NYK and K-Line also reported beginning of this week where both operators guided the 91-92% YoY drop in the earnings from their container liner activities, in line with what MOL guided. Japanese shipping companies have the longest track record in guiding forward  container liner earnings, dating back to 2005-2007. Of the 16 years where all three Japanese shipping companies have guided container liner earnings, the actual earnings beat guidance in 8 years. Their actual earnings tend to track bel

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