Companies/Financials

Total 65 Posts

Services

Safeen Feeders joins CMA CGM to launch Singapore Chennai Colombo (SCC) service

Safeen Feeders have teamed up with CMA CGM to launch the Singapore Chennai Colombo (SCC) service starting from 5 September 2022 from Singapore. Safeen will introduce the 2,034 teu SAFEEN PIONEER on this service, joining CMA CGM's 1,732 teu SONGA TIGER. For Safeen, the SCC will be its first service operated outside of its home p0rt of Khalifa in Abu Dhabi. Safeen Feeders was launched in June 2020 by Abu Dhabi Ports to boost feeder connectivity between Khalifa and the Arabian Gulf/Indian Subcont

Carrier53

Carrier53 introduces transpacific service for 53' containers

Carrier53, a new carrier established in 2022 in Hamburg, Germany by container leasing company Lotus Containers in partnership with German shipowner Schulte & Bruns has launched a new dedicated service in August 2022 to provide transportation services between China and the US West Coast for 53 feet US domestic containers. The service was launched with an initial fleet of 6 cargo ships that can carry between 241 and 309 units of 53-feet containers. 2 of the ships were recently acquired by Schulte

Companies

ZIM's Earning Down QoQ on Revenue Yield

ZIM reported before market open today. The results probably came out worse than capital market's expectation. This report on its own is fantastic but the sequential drop in earnings is more than expected and worse among its container liner peers. The sharper than expected drop (22% QoQ) in earnings is driven mainly by the sequential drop in the revenue yield. ZIM's revenue yield, i.e. revenue generated per slot during a quarter. At $6,993/teu slot, ZIM's 2Q revenue yield is still the highest r

Services

Tailwind Shipping joins TOP 50 list as it expands its service coverage to North Europe

Tailwind Shipping has become the latest carrier to join the Linerlytica Top 50 carrier list, after its operated fleet swelled to 5 ships with a total capacity of 17,206 teu, including 2 units that it has purchased in the last 3 months. The company’s fleet is expected to rise further with 3 more chartered ships to join the newly established carrier in the next few weeks. Tailwind is also reported to have acquired 2 newbuildings of 1,380 teu currently under construction at Jinglu Penglai that wil

Companies

YMM 2Q also turned south

YMM's reported another set of great results much in line with the other liners already reported. However, market consensus may have expected it and the market focus at this point is whether the liner earnings could sustain. YMM's net profit were down 12% QoQ on sequential decline in the spot freight rates and increase in bunker price. In the details, liner EBIT down 8% QoQ or $217mn. Revenue was down $110mn QoQ, driven primarily by the spot freight rates, while bunker expenses, driven by bunker

Financials

HMM 2Q earnings dropped QoQ

HMM reported on 10th Aug. HMM's 2Q earnings was down 13% QoQ at group level. (correction: previously mistaken as 58% drop) Though, the group level operator cashflow was down only 3% QoQ. Hence, most of the 13% sequential drop in earnings was due to non cash items. One of those non cash items is the derivative valuation losses (>KRW 1bn), which, in our estimate, may be long KRW positions as hedges to HMM's likely future KRW payments e.g. debts and head office expenses. However, HMM container d

Companies

TWN Liners Top Line Peaked

Taiwanese liners' industry first top line reports came out over the last three days. In July, Evergreen delivered another record revenue while both Yang Ming and Wan Hai saw their top line came of 5% and 6% MoM respectively. In aggregate, the Taiwanese liners' top line in NTD was down 1% MoM. Since USD has strengthened further in July, these liners' top line in USD maybe down 2% MoM. Given July volume usually is higher than same in June. Average freight rates may be down sequentially during J

Companies

Hapag Lloyd reported strong results

Hapag Lloyd reported 22Q2 results before market on Aug 11. Northing surprising for those following the Taiwanese liners top lines, Maersk and and ONE reports. Hapag Lloyd's earnings edged higher QoQ to have another all time high. 2022 guidance is being revised upward now that management expected 2022 $19.5bn EBIT (previously $17.5bn; 2021 $ 11.1bn). Highest analyst estimate in the capital is expecting Hapag Lloyd to double its EPS YoY this year. In the details, the sequential drop in bunker con

Companies

ONE to take minority stake in Atlas

ONE has teamed up with the 3 largest shareholders of Atlas in a bid to take the owner of Seaspan private. Seaspan is the largest non-operating owner of containerships with a current fleet of 129 ships and an orderbook comprising of 67 ships. The  offer for Atlas was submitted on 4 August 2022 by Poseidon Acquisition Corp., acting on behalf of a consortium comprising of Fairfax Financial Holdings, the Washington family, Atlas Chairman David Sokol that already control over 68% of Atlas’ outstand

Companies

Maersk 2Q Receivables Jumped

Maersk's 22Q2 results beat capital market's estimate by a large margin. Actual EPS was $464 comparing to the highest estimate of $405 (source: Refinitiv I/B/E/S). Liner segment was still the key driver where Liner EBIT up 21% QoQ, which may be ahead of the industry average in 22Q2 on Maersk's higher-than-peers contract mix. Contract rates outperformed the spot market in the past few months. Such trend may continue for the rest of this year as spot rates could be under further pressure on a pot

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