Companies/Financials

Total 201 Posts

Companies

COSCO continues to benefit from the provisions unwinding

COSCO reported full report for 4Q 2023 after market on 28 March, which provided further details to the earnings alert already disclosed in January. The unwinding of provisions booked in 2021 and 2022 have continued to help lift COSCO’s earnings in 2023, as COSCO’s unit costs are falling faster than the industry average.

Companies

EMC tops 4Q earnings table but minority shareholders sue Evergreen directors

Evergreen Marine Corp (EMC), the Taiwan listed marine arm of the Evergreen Group posted the highest EBIT earnings margin amongst the main container carriers in 4Q 2024, with EBIT operating profits reaching NTD 4.7Bn (US$150m) for an EBIT margin of 6.8%. Full year operating profits reached NTD 34.7 Bn ($1,083m) while net profits hit NTD 35.3 Bn ($1,001m), with the company directors proposing cash dividends to shareholders of NTD 10 per share with a total payout of NTD 21.4 Bn at a dividend payou

Companies

Carriers playing catch-up will further tilt supply-demand imbalance

ONE announced an aggressive midterm plan on 19 March to grow its operated fleet to 3m teu by 2030 which represents a 66% growth from its current fleet of 1.8m teu, at an annualised growth rate of 10% a year. The plan entails capital investments of $25 Bn and a further $10 Bn in associated assets over the next 5 years, which could also include the transfer of some of the assets from its 3 shareholders (NYK, MOL and K Line). The move by ONE represents a belated attempt to regain market share, aft

Companies

Hapag Lloyd 4Q report: losses, cautious guidance

Hapag Lloyd reported EBIT losses of $251m for the 4th quarter of 2023, with a muted earnings guidance for 2024 despite the expected earnings upside after the rebound in freight rates following the Red Sea crisis. Historically, Hapag-Lloyd’s earnings guidance have been overly conservative as out of the 9 previous guidance provided since 2015, Hapag Lloyd delivered better-than-expected results 6 times and was in-line 2 times.

Companies

ZIM 4Q report: losses, cash burn and rebounding depreciation expenses

ZIM reported FY2013 results before Market on 13 March 2024. The $147m net loss for 4Q 2023 was better than the average consensus estimates on Bloomberg. The capital market was disappointed, anyhow, on a set of cautious guidance despite of the recent rebound in the spot rates. For 2024, management guided -$300mn to +$300mn for EBIT; and $850mn to $1,450 mn for EBITDA. In other words, depreciation guidance is $1,150mn, which means the depreciation expenses for 2024 will not drop much against the

Companies

CMA CGM EBIT turns negative in 4Q

CMA CGM reported 4Q 2023 EBITDA earnings of $630m for its container shipping business, out-performing Maersk for the second straight quarter. Maersk had reported EBITDA of $196m and EBIT losses of -$920m in the quarter . CMA CGM’s EBIT losses is estimated at between -$670m to -$770m, based on depreciation and amortisation expenses of $1.3 Bn to 1.4 Bn in the 4th quarter, with the company no longer reporting its EBIT figures since 4Q 2023. The 4Q EBIT losses dwarfs CMA CGM’s previous quarterly p

Companies

Matson Volume Down While Average Freight Rates Up in 4Q

Matson reported full year results on 20 Feb, with further details to the headline earnings already provided in Jan. Matson was able to buck the trend of negative operating profits reported by its larger rivals, with liner operating earnings of $66m in the 4th quarter of 2023, while group level net profits reached $62m. Matson’s container liftings dropped 5% YoY in the 4th quarter, and although overall utilisation levels continued to drop in 1Q 2024, it has outperformed last year’s trend, in lin

Companies

SeaLead to continue growth path under new ownership

Singapore-based SeaLead has come under the ownership of a new group of investors on 16 February 2024 with plans to continue the company's ambitious growth path. The new owners comprise of a group of 4 financial investors - Eurosia Capital, HCP Invesments, Access Capital Funds and Saral Incorp. VCC SubFund. SeaLead also announced a change in its management with CEO Henry Schmidl leaving the company in conjunction with the change of ownership, with executive advisor SC Chan taking over as interim

Companies

TWN Liners Revenue Up 20% MoM in Jan

Monthly revenue for Taiwanese liners went up 20% or $278mn MoM in aggregate in January 2024 as the rally in freight rates started to show. To put the increase in revenue in context, these three liners together made $201mn EBIT during 3Q 2023. Their 4Q earnings are not out yet but their 4Q revenue were down about $202mn QoQ comparing to 3Q 2023. Meanwhile, CCFI composite index went up 36% MoM in January and 22% MTD 9 Feb. Further upside to the liners revenue likely to come in February. Liners' r

Companies

ONE results: Negative 4Q 2023 EBIT, Turnaround in 1Q 2024

On 31 January, ONE reported EBIT losses at -$248m for 4Q 2023, compared to EBIT $58m in 3Q 2023 and $2.7Bn in 4Q 2022. The deterioration was due mainly to the 54% drop in average unit revenue from $2,362 in 4Q 2022 to $1,081 in 4Q 2023. ONE expects a turnaround in 1Q 2024 with EBIT rebounding to $132m, comparable to the earnings in 2Q and 3Q 2023. The guidance appears conservative as CCFI averaged 1,246 YTD, which is 40% higher than the level during 2Q and 3Q 2023.

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