COSCO

Services

Evergreen revamps the OCEAN Alliance TPN and TPA Transpacific/Middle East services

Evergreen will revamp its transpacific-Middle East Transpacific Northwest Service (TPN) and Transpacific Arabian Service (TPA) from May 2024, with the Middle East calls on the current TPA service shifted to the TPN which will be renamed as the Asia-Northwest-Persian Gulf (ANP) service. The ANP service will call at Dammam, Umm Qasr, Jebel Ali, Port Klang, Laem Chabang, Cai Mep, Kaohsiung, Yantian, Shanghai, Ningbo, Tacoma, Vancouver, Tokyo, Nagoya, Osaka, Shanghai, Ningbo, Kaohsiung, Shekou, Por

Services

COSCO joins CNC on CP8 service

COSCO has joined CNC, the intra-Asia arm of CMA CGM, on the China Philippines 8 (CP8) service from 13 April 2024. COSCO will deploy 3,314 teu COLOMBO on the service to join the 2,782 teu CNC SERVAL on the service. The CP8 turns in 2 weeks and calls at Shanghai, Ningbo, Xiamen, Manila ( North and South), Fuzhou, Shanghai.

Services

Asia-East Coast South America capacity upgrade scheduled in May 2024

6 carriers on the Asia-East Coast South America trade (CMA CGM, COSCO, OOCL, Evergreen, PIL and Yang Ming) will upgrade their 2 existing strings from May 2024, with average weekly capacity to rise from 21,300 teu to 24,000 teu. The first string branded as SEAS2/ESA2/TLA2/ESA3/SSA by CMA CGM, COSCO, OOCL, Evergreen and PIL respectively will call at Xingang, Qingdao, Shanghai, Ningbo, Shekou, Singapore, Rio de Janeiro, Santos, Paranagua, Itapoa, Navegantes, Santos, Colombo, Singapore, Hong Kong,

Services

COSCO launch new Qinzhou-Thailand Service (QTS)

COSCO will launch a new Qinzhou-Thailand Service (QTS) calling at Laem Chabang, Qinzhou, Nansha, Shekou, Laem Chabang. The service will turn in 2 weeks and deploys 2 Bangkokmax ships starting with the 1,717 teu OLYMPIA at Laem Chabang on 23 April 2024. Qinzhou-Thailand Service (QTS) Port rotation

Services

ONE replaces Florida Latin Express (FLX) with new partnership on CMA CGM & COSCO Americas XL/NEWS service

ONE has replaced its Florida Latin Express (FLX) service with a new FLX service through slots on CMA CGM/COSCO's Americas XL/North America East Coast-West Coast South America (NEWS) service. The 4 ships of 1,100 to 1,700 teu that ONE had formerly operated on the FLX has all been redeployed and have been replaced by the revised FLX service from 1 February 2024, with ONE purchasing 600 teu per week from CMA CGM on the Americas XL. The Americas XL/NEWS is currently operated by CMA CGM and COSCO u

Companies

COSCO continues to benefit from the provisions unwinding

COSCO reported full report for 4Q 2023 after market on 28 March, which provided further details to the earnings alert already disclosed in January. The unwinding of provisions booked in 2021 and 2022 have continued to help lift COSCO’s earnings in 2023, as COSCO’s unit costs are falling faster than the industry average.

Services

COSCO and Evergreen add emergency Piraeus loaders to North Europe

COSCO and Evergreen have separately launched emergency loaders to connect North Europe with the Med port of Piraeus to evacuate containers and provide ad hoc connections for cargo to and from the Med region that have been affected by the diversions of the OCEAN Alliance's Asia-North Europe services to the Cape route. COSCO has deployed the 13,092 teu COSCO DEVELOPMENT on the Zeebrugge,Piraeus,Zeebrugge shuttle run since 4 February 2024 on a monthly service. Evergreen has also deployed the 2,88

Service cancellations

OCEAN Alliance to drop North Europe service due to Red Sea crisis

The new OCEAN Alliance Day 8 network starting in April 2024 will drop one of the 7 Far East-Europe services that they current operate. The affected service is the Far East North Europe NEU3 service (branded respectively by COSCO/OOCL, CMA CGM and Evergreen as the AEU7/LL3/FAL7/NE7) calling at Xiamen, Nansha, Hong Kong, Yantian, Cai Mep, Singapore, Zeebrugge, Hamburg, Rotterdam, Port Klang, Singapore, Xiamen with the wayport call at Piraeus omitted since January due to the diversion of the servic

Services

COSCO/OOCL add Mediterranean Feeder/Israel West Med (MFS/IWM) service

COSCO and OOCL have added a new Mediterranean Feeder Service (MFS) / Israel West Med (IWM) service with the injection of a ship to Zim's Tyrrhenian Container Line (TYR) service. COSCO has been taking slots on the Zim service since November 2023. The TYR/MFS/IWM calls at Ashdod, Haifa, Fos, Genoa, Salerno, Ashdod and turns in 3 week with 3 ships of 1,100-1,400 teu. COSCO will deploy the 1,223 teu FREDERIK on the service from 13 March 2024 to join Zim's 1,134 teu ASIATIC KING and 1,421 teu NAVI B

Financials

Early 4Q Results From Asian Liners

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

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