Companies/Financials

Total 65 Posts

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.

Hapag-Lloyd

Hapag-Lloyd shareholder pact extended to 2026

The shareholders agreement between CSAV, with Kühne Maritime and HGV Hamburger Gesellschaft fur Vermogens-und Beteiligungsmanagement (City of Hamburg has been extended from the end of 2024 to the end of December 2026. The agreement was first signed on 17 November 2014 for a term of 10 years, where the 3 parties agreed to retain their controlling shares in Hapag-Lloyd for 10 years (except for HGV who may release 50% of its shares after 5 years) and to pool their voting rights on all decisions re

Earnings

OOIL 22Q1 Top Line Strong

OOIL's top line come out in line with what we saw in the Taiwanese liners. The big YoY growth should be expected but the sequential growth in revenue should surprise positively.

Companies

Taiwanese Liners Reported Another QoQ Top Line Growth

The 3 main Taiwanese carriers have reported an 8% QoQ growth in revenue for the 1st quarter of 2022. It is their 7th consecutive quarterly growth, built on higher freight rates and stronger USD.

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