Total 193 Posts
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
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.
Maersk reported negative group level EBIT at $520m for 4Q 2023, its worst quarterly EBIT loss on record. Operating cash flow was $166m but if its results were still using the pre-IFRS 16 account standards (prior to 2019) when chartering expenses were accounted as a cash outflow, Maersk would have reported negative operating cash flow for the first time. 4Q 2023 Liner EBIT dropped to $920m, a $893m reversal compared to the previous quarter due mainly to the fall in container freight rates which
Unifeeder has acquired MCL Feeder Services on 1 January 2024 and will combine MCL's feeder operations in the Mediterranean area into the Unifeeder/Unimed network. MCL is based in Cyprus and operates feeder services in the Mediterranean. It was part of the Metz Group that was established in 1982 in Beirut, Lebanon and had cooperated previously with various feeder operators with slot arrangements with Unimed(UFS), Sealand, Mahoney, Medkon and Bahari.
King Ocean Services have completed the acquisition of Seacor Island Lines on 1 February 2024. Seacor Island Lines was established as G&G Shipping in 1990 by the partners Mike Grandonico and Steve Ganoe. G&G launched a regular shipping service from Fort Lauderdale to the Bahamas in 1992 and grew it to provide freight services from South Florida to all ports in the Bahamas and the Turks & Caicos using landing crafts that could handle roro and container cargo. The company was acquired by SEACOR
Evergreen Marine Corp. (EMC), the Taiwan listed arm of the Evergreen Group, has acquired 100% of the shres of Italia Marittima on 31 January 2024 for €405 million. Italia Marittima's assets include 5 containerships with a total capacity of 22,728 teu comprising of 3 Evergreen U-class ships of 5,652 teu built in 2000-2001 (ITAL USODIMARE, ITAL UNICA, ITAL UNIVERSO) and 2 Evergreen B-type ships of 2,886 teu built in 2018 (ITAL BONNY and ITAL BONUS). The move marks the final move in the consolida
At least 2 carriers operating on the China-Baltic Russia route have suffered financial troubles. The 2,472 teu MYD JIMEI operated by Global Field Line (GFL) is currently stranded in the Baltics. In a letter to GFL customers dated 25 January 2024, the carrier requested for an additional payment of $3000/20' and $5000/40' to allow the company to settle outstanding payments to its local agent and port operator. The ship has been waiting to dock at St Petersburg since 8 January 2024. Another Russi
Newly established carrier Sea Legend has launched its own China to Red Sea and East Med connections via the Suez Canal that advertises Chinese Naval escorts and commercial armed guards on board their ships. The new service takes advantage of soaring freight rates to Red Sea and Med destinations due to the diversion of over 70% of the containership capacity to the Cape route since December 2023. The Sea Legend service connects Qingdao, Shanghai, Ningbo, Nansha, Djibouti, Jeddah, Sokhna, Aqaba, P
Maersk and Hapag-Lloyd announced on 17 January 2024 the formation of a new long-term global alliance named Gemini Cooperation that will start from February 2025. The move comes one year after the announcement of the break up of the 2M partnership between Maersk and MSC on 25 January 2023 with a 2 year notice period that will take effect from January 2025. Hapag-Lloyd has also given a one year notice to its partners in THE Alliance for an early termination of its participation in the partners
Unlikely a surprise to the market, liners are reporting sequentially lower 4Q 2023 results, which is in line with CCFI while the QoQ rebound in SCFI will likely only show in the liners' book in 1Q 2024. While the 4Q results may not be pleasing to look at, everything changed since the second half of December. COSCO reported earning alert, OOCL reported top line breakdown while the Taiwanese liners reported their December revenue this week. COSCO alerted 68% QoQ lower earnings during 4Q while O