Total 135 Posts
SITC provided 3Q operation update at noon on Monday (24 Oct). SITC's container shipping and logistics revenue up 41% YoY but dropped 20% QoQ.
K&N reported CHF688mn net profit for 22Q3, up 19% YoY but down 14% QoQ, accelerating sequential fall in earnings. We have expected the earning cycle of seafreight forwarders to move earlier than the container liners in this down cycle on the premises that spot rates, which the forwarders may rely on for the income, have declined faster than the the contract rates, which represent the bulk of forwarders' cost base. So far, K&N seafreight earnings have started to come down sequentially since 22Q2,
LC Logistics, the parent company of BAL Container Line, has filed for an initial public offering (IPO) in Hong Kong on 24 October 2022. The company was founded by Xu Xin in 2004 in Qingdao as Shandong Lcang to provide freight forwarding services and is a related company of Qingdao Boan that is engaged in container sales and leasing. BAL Container Line was established as the liner operating arm of the Shandong Lcang Group in August 2012 in Hong Kong to provide SOC container transportation se
Evergreen Marine Corp (EMC), the listed subsidiary of Evergreen Group, provided an update presentation in Taiwan after market last Friday (14th Oct). The presentation materials provided additional color on the Evergreen's operation and relevant read through to the whole liner industry. First, decline in freight rates was the main reason for the 16% MoM drop in the Evergreen's revenue in September. During Sep, Evergreen's volume was down 5% MoM while the freight rates dropped 12% MoM. in the de
3 ships of 1,700-1,800 teu currently chartered by Allseas that are operating on the China-UK route are currently stranded with Allseas confirming that it is in negotations with owners, while 2 more ships are already confirmed to be off-hired. An Allseas spokesperson said on 19 October 2022 that the company and its related parties have not filed for insolvency. Update : An admistrator for Allseas Global Project Logistics was appointed on 27 October 2022 in the UK courts. The affected ships are
Matson provided preliminary 3Q earnings after market close on Monday (Oct 18). 1. 3Q22 net income and diluted EPS were expected to be $257mn to $262mn and $6.67 to $6.79, respectively, which means EPS was down about 29% QoQ but still up 2% YoY. 2. Ocean transport, which is driven primarily by Matson's China-US routes namely CLX, CLX+ and CCX, was expected to have generated $310mn to $315mn, down 34% QoQ and 14% YoY. 3. Container volume was expected to be 112,707 feu in 3Q,
COSCO provided a profit alert after market close today(10 Oct). The alert gave 9-month figures in RMB. For 3Q 2022 in USD, profit attributable to the shareholders were down 16% QoQ and flat YoY while EBIT was down 17% QoQ and down 1% YoY.
OOIL and the Taiwanese liners' revenue reports came out after the market close on Friday (7 Oct). All four liners reported sequentially lower revenue in 3Q. Liners will start to report their 3Q earnings in the coming weeks. These revenue reports suggest 3Q earnings may have come off from this cycle peak in 2Q. Consensus in the capital market is expecting 3Q liner* earnings to be between 4% up and 18% down QoQ. OOIL's 3Q revenue dropped only 5% QoQ while Wanhai's 3Q revenue dropped 18% QoQ. Sequ
Maersk has added 6 dual-fuel ships of 17,000 teu at Hyundai H.I. on 4 October 2022 that are able to operate on methanol, bringing its total order for green methanol containership orders to 19 units in total. It follows the landmark order of the first 2,100 teu unit at Hyundai Mipo in July 2021 and 12 units of 16,000 teu made in 2 steps in August 2021 and January 2022 at Hyundai H.I.. The new series will take the same design of its earlier 16,000 teu series that feature a forward accommodation
Hapag-Lloyd will pay approximately $1 Bn to acquire 100% of the shares of SAAM Ports and SAAM Logistics as well as real estate assets related to the logistics business of Chilean ports and towage company SAAM. SAAM expects to book a net profit of $400 m on the deal that was signed on 4 September 2022. The transaction includes the sale of SAAM’s ownership stake in ten port terminals across six countries in the Americas, bonded warehouses and integrated logistics operations in South America. Det