COSCO

Companies

Carriers 3Q 2024 results

Market Pulse Week 48: Zim reported net profits of $1.13 Bn and EBIT of $1.24 Bn for the 3rd quarter of 2024, concluding the reporting season for the publicly listed carriers. Zim’s EBIT margin of 44.7% puts it in 4th place behind EMC, HMM and Yang Ming but Zim delivered the highest annualized RoE of 115% in Q3 2024 - twice that of the second-best performer EMC and more than 4 times more than the industry average ROE of 25%. Market Pulse Week 47: Asian carriers have outperformed their European p

Services

COSCO launch Oman-UAE X-Press (OUX) service

COSCO has launched a new Oman-UAE X-Press (OUX) service connecting Abu Dhabi, Sohar, Ajman, Abu Dhabi from 18 October 2024. The weekly service turns in 7 days and deploys the 1,049 teu OKEE AURELIA.

Services

CMA CGM and COSCO launch Thailand Indonesia Service(TIX2/MTS)

CMA CGM/CNC and COSCO have launched a new Thailand Indonesia Service (TIX2/MTS) connecting Bangkok, Laem Chabang, Singapore, Jakarta, Pasir Gudang, Singapore, Bangkok from 14 October 2024. The TIX2/MTS will turn in 14 days using the 1,032 teu PADIAN 3 from CMA CGM and 1,200 teu DANUM 175 from COSCO.

Companies

Liners Are Set to Lift Their FY2024 Earnings Guidance

ONE is scheduled to report its calendar Q3 results on October 31, 2024, marking the start of the reporting period for major liners. ONE has projected its Q3 2024 net profit to increase by 88% quarter-on-quarter, while COSCO recently indicated that its Q3 2024 EBIT is expected to rise by 154% quarter-on-quarter. Other liners have not provided guidance for Q3, but those that have offered FY2024 projections suggest their second-half earnings could vary from a decline quarter-on-quarter to an incre

Markets

Carriers on track for bumper 3Q 2024 earnings

Carriers remain on track to report bumper 3Q earnings with COSCO Shipping setting the early pace after it issued a profit alert on 7 October showing 3Q 2024 net income improved by 286% YoY to RMB 21.3 Bn. COSCO subsidiary OOCL also released its 3rd quarter trading update with revenue rising by 74% compared to a year ago, and is also up 35% compared to the 2nd quarter led by increased rates on the Asia-Europe route (up 51%) and Transpacific (up 29%).

Companies

COSCO 2Q 2024 earnings

COSCO concluded the 1H 2024 interim reports for the publicly listed carriers with its EBIT earnings of $566m for its container shipping business for a margin of 25%, down from the 32% margin in the same quarter last year due mainly to higher unit costs during 2Q 2023. Average freight rates were 13% higher for COSCO against the CCFI’s 53% gain, while container volumes increased marginally by just 1%. Aggregated revenues of the 12 main listed carriers increased by 10% YoY while volume increased 8

Services

COSCO (Diamond Line) and Tarros launch Piraeus-Algiers-El Dekheila (PAE) service

COSCO's intra-European feeder operator Diamond Line has launched a new Piraeus-Algiers-El Dekheila (PAE) service in cooperation with Tarros from 28 June 2024 The PAE calls at Piraeus, Algiers, Alexandria, Piraeus, turning in 14 days using 2 ships of 900 teu, with each partner operating 1 ship each. The service was launched on 28 June 2024 from Alexandria with the 925 teu CONTSHIP IVY from COSCO and was followed by the 990 teu BF TROUT from Tarros on 5 July 2024.

Services

COSCO relaunch Piraeus Rijeka Express (PRS)

COSCO has relaunched the Piraeus Rijeka Express service (PRS) calling at Piraeus, Rijeka, Durres, Piraeus with the 1,924 teu DELPHIS GDANSK from 27 July 2024. The service will turn in around 10 days on an irregular rolling schedule due to the current congestion at Piraeus. COSCO first launched the PRS in July 2019 as a direct Piraeus-Rijeka feeder but the service was discontinued in 2020.

Services

CMA CGM and Hapag-Lloyd splits up Indamex service, with COSCO and OOCL to join new CMA CGM India-USEC service

CMA CGM and Hapag-Lloyd will terminate their jointly operated India-US East Coast Indamex and Indamex 2 services from August 2024 and replace them with separate services that will be operated independently by the two carriers. Hapag-Lloyd has announced a new TPI (Indamex) service that will call at Port Qasim, Nhava Sheva, Mundra, New York, Norfolk, Savannah, Charleston, Port Qasim from 8 August 2024 with the 9,274 teu TORRENTE. The service will turn in 11 weeks and will be operated independentl

Services

Diamond Line launches Piraeus-Constanta Express (PCE)

Diamond Line, the intra-European feeder arm of COSCO Shipping, has launched a new Piraeus-Constnata Express (PCE) service connecting Piraeus, Constantza, Piraeus from 12 June 2024. The PCE service in 7 days and deployed the 1,432 teu CONTSHIP SEA for the maiden voyage from Piraeus on 12 June before being replaced by the CONTSHIP RUN from 19 June. Piraeus-Constanta Express (PCE)

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