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.
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
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
ONE has introduced a new Israel Express (ILX) shuttle service that will connect Damietta, Haifa, Ashdod, Damietta. The service is scheduled to start at Damietta on 29 March 2023 with the 1,118 teu MITO that has been fixed for 6-8 months at a daily rate of $13,250. MITO previously was deployed in Unifeeder's Intra-North Europe service.
Hapag-Lloyd is splitting its Gulf Caribbean Service (GCS) service, which connects Houston with Mexico, Central America and Caribbean, into a North and South Loop. The North Loop (GCS) will call Houston, Altamira, Veracruz, Puerto Barrios, Puerto Cortes, Caucedo, Kingston, Houston on weekly basis with 3 vessels, beginning with the 2,506 teu MAIRA at Houston on 13 April 2023 followed by the 3,237 teu ANTIBES EXPRESS and 2,357 teu MINERVA. ONE will take slot under its service CX5. The South Loop
Yang Ming provided headline FY2022 results overnight (10 Mar) where earnings attributable to shareholders during 4Q 2022 dropped 76% YoY and 71% QoQ, much steeper drop than most the peers that have reported so far.
Yang Ming reported this morning (10th Mar) FY2022 earnings plus large dividend pay-out. But what may have gone unnoticed today is that Evergreen also reported Feb 2023 top line overnight (9 Mar), being the earliest of any container liner financial reports. Evergreen's Feb revenue in USD terms fell 68% YoY and 28% MoM. Combining January and February, the two-month aggregate revenue fell 63% YoY. As the liners did not make over 60% operating profit margin in 1Q 2022, over 60% fall in revenue means
The cyclical or short term trend is the down turn in the container shipping volume , which has seen global port throughput falling for 5 consecutive months since September 2022, driven by the destocking cycle in the US, soft housing market in the US impacting particularly the housing related shipments, inflation that reduces western consumers' disposable income, rising share of services relative to goods in consumption. The secular trend or the long term trend maybe the fall in China's contrib
Hapag-Lloyd guided €2-4 Bn in Earnings before interest and tax (EBIT) for 2023, which would turn out to be the third best year of its operating track record going back to 2003. Hapag-Lloyd has been providing guidance since 2014 prior to its public listing in Nov 2015. An analysis of the Hapag-Lloyd earnings guidance from the past 9 years show Hapag-Lloyd beating their own guidance 6 times and missed only once in 2016. Despite its relatively sound earnings guidance track record, its forecast o
SITC reported after market close on 7 March where 22H2 net profit dropped 38% HoH, much steeper than larger liners' 10-11% HoH drop on SITC particularly high spot market exposure. SITC reports full results semi-annually while provides top line update quarterly. On quarterly basis, 4Q 2022 revenue dropped only 11% QoQ, decelerating from the 20% QoQ drop in 3Q as SITC gained market share by having increased its volume during 4Q by 18% QoQ. Maersk reported lower intra regional volume while Hapag