Companies/Financials

Total 38 Posts

NPDL

NPDL launching USEC Fiji Service

Neptune Pacific Direct Line (NPDL) is launching a USEC Fiji direct service with 1 ship on 60-70 days transit time starting with Capitaine Baret calling Philadelphia on May 19 .

Companies

De Well plans Hong Kong IPO

De Well, the 10th largest NVOCC on the Transpacific trade has filed for an IPO in Hong Kong on 30 April. The listing timetable and proceeds to be raised were not disclosed, with Citi and CICC acting as joint sponsors. The IPO filing comes 8 months after the company sold a 29.5% stake to Cainiao...

Companies

Liner April Revenue Still Strong

Taiwanese liners' April top line came out as a positive surprise. The spot freight rates, as per SCFI, have fallen 7.5% MoM while Shanghai/Ningbo's combined port throughput was down 10% MoM in April. However, the Taiwanese liners' combined revenue ...

Companies

Maersk 22Q1 II

Maersk contract rates are up $1400/FFE YoY, which, in our estimates, contribute $10bn YoY additional revenue/profit. Fuel costs inflation amount to $1.5-3.5bn. Acceleration in average freight rate increase may be unique to Maersk and help close its gap relative to peers on EBIT margin.

Companies

OOIL 22Q1: $1.1bn provisions booked in 21H2

The exceptional unit costs rise reported by OOIL for 21H2 shocked many analysts. What may have gone unnoticed are the oversized provisions booked not only for its commitment to Long Beach Terminal but also other OPEX and employee compensations

Companies

COSCO 22Q1: account payables exceeded quarterly OPEX

Cosco’s relatively depressed earnings for 21Q4 and 22Q1 are due to the substantial provisions booked over the past two quarters. By end of 22Q1, Cosco’s short term payables account has ballooned to Rmb69bn, which is a significant amount for Cosco’s 22Q1 operating expense was only Rmb67bn.

Companies

Swire Shipping acquires Westwood Shipping Lines

Swire Shipping has signed an agreement to acquire Westwood Shipping Lines from J-WeSco, a subsidiary of The Sumitomo Warehouse Co. on 28 April 2022 for $100m upon closing, plus an additional payment of up to $45m subject to the finalisation of Westwood's financial results for fiscal year 2022. The acquisition is subject to regulatory approval and other closing conditions and is expected to be concluded by June 2022. Swire will also acquire 4 multipurpose open hatch containerships of 2,048 teu/4

Companies

Maersk 22Q1 above expectation

The 22Q1 results were near high end of consensus estimate. But broadly consistent with the results from other smaller liners e.g. sequentially higher earnings driven by higher freight rates despite of lower volume.

Matson

Matson 22Q1

Matson's 22Q1 operating income (aka operating profit) were up 250% YoY but down about 10%QoQ, first sequential drop since 20Q1. The sequential drop in profit was due to drop in volume, rise in bunker costs and lease expenses.

Companies

SITC 22Q1 top line up QoQ

SITC reported top line after Taiwanese and OOCL. SITC confirmed an industry pattern for 22Q1 that revenue was up sequentially driven by higher freight rates despite of weaker volume.

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