Companies/Financials

Total 89 Posts

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

Companies

Strong Results from ONE

ONE reported a strong performance in the second quarter with net profit rising sequentially by 8% QoQ. Net profits have exceeded $5bn in the last 2 quarters. To put this amount in perspective, ONE's 3 parents reported in aggregate about $4.5bn of losses at the ordinary result level (similar to earnings before taxes) for their container liner activities between 2005 and 2019. ONE’s revenue yield i.e. revenue generated per teu slot operated have outperformed the CCFI while unit costs excluding bu

Companies

K&N 22H1 results in line

K&N reported CHF796mn net profit for 22Q2, up 78% YoY but down 4% QoQ, in line with the consensus estimates in the capital market. Seafreight segment contributed 55% of K&N's EBIT YTD, which was once the normal EBIT mix for K&N before 2015. K&N has more than doubled its dividend pay out during 22H1 to CHF1.2bn, comparing to 21H1's CHF0.5bn. Another CHF550mn were used in share buyback. Those distributions helped lower K&N's net cash position from CHF416mn at end of 2021 to CHF258mn at end of 22

Companies

ONE FY22 earning guidance up

The three main Japanese shipping companies i.e. K-Line, MOL and NYK, parent companies of  Ocean Network Express ("ONE") revised up their FY2022 (Apr 2022-Mar 2023) earning guidance after market last Thursday (21 Jul), just 3 months after announcing such guidance in Apr 2022. The main change is to increase its FY2022 Ordinary Profit by JPY695bn or  38% comparing to its previous guidance. As a result, new profit guidance for FY2022 will be flat YoY. Previous guidance was 29% YoY lower.  However,

Companies

June Revenue Strong

Taiwanese carriers' monthly revenue up 6% MoM in June and, on quarterly basis, 22Q2 was flat comparing to 22Q1, a trend consistent with the top line reported by OOIL earlier.

Companies

Another strong results for OOIL

OOIL's 22H1 revenue was $1.25bn bn higher than that in 21H2. Given the $1.25bn increase came mostly from HoH higher freight rates, most of such increase could show up in the net profit.

Companies

AD Ports acquire IACC/Transmar

AD Ports Group (ADP) announced on 1 July 2022 that it has reached an agreement to acquire a 70% equity stake in International Associated Cargo Carrier (IACC) for $140m. IACC owns Transmar, a regional container shipping company that operates a container service between Adabiya and Jeddah on its core route with operations across the Middle East, Red Sea, Arabian Gulf and Eastern Coast of Africa. In 2021, Transmar handled 109,000 teu. It owns the 2008 built 2,127 teu TRANSMAR LEGACY that was acqui

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