COSCO 22Q2 results were out overnight. Earnings have already been given in the alert last month. So the new news is dividend,HK2 or 50% payout ratio, which is ahead of the analysts estimates. Yet the stock ended down in the Hong Kong trading session. The results are all good. Top line dropped just 4% QoQ as 2% higher volume mitigate some fall in freight rates while slot costs dropped by a whopping 23%. Slot costs are the OPEX incurred in a quarter divided by operating capacity, which help make
Diamond Line, the intra-European feeder subsidiary of COSCO, has launched a new LGX1 service calling at Piraeus, Limassol, Ashdod, Iskenderun, Damietta, Piraeus, starting with 1,432 teu CONTSHIP RUN at Piraeus on 30 August 2o22. The service turns in 2 weeks, with the 1,432 teu CONTSHIP SEA also to be deployed. LGX1 service
Golden Sea, subsidiary of COSCO, has resumed Yangon Express (YGX) calling Singapore, Xiaochan Beach, Yangon, Singapore. The The service has started with Xiaochan Beach call on June 19 by the 1223 teu AS FENJA.
CMA CGM, COSCO and OOCL will launch a new Far East-West Coast South America service from the end of June 2022 calling at Hong Kong, Shekou, Ningbo, Shanghai, Manzanillo, Puerto Quetzal, San Antonio, Hong Kong. The service will turn in 10 weeks, using 5 ships of 3,300 teu to 5,090 teu on a fortnightly frequency with 3 ships from CMA CGM and 2 ships from COSCO. The first sailing is scheduled on 28 June 2022 with the 3,314 teu COLOMBO from COSCO. The service is branded as the Asia Central South A
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
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.
ANL/CMA CGM, COSCO and OOCL will launch a new A3 Express (A3X) service connecting Shanghai, Shekou, Brisbane and Sydney from 12 July 2022 (Launch date originally scheduled for 31 May 2022 but have been postponed). The new service will complement ANL/CMA CGM, COSCO and OOCL's existing services linking North East Asia with Australia’s east coast that is currently provided through the A3N, A3C and A3S services: A3N Rotation: Yokohama, Osaka, Busan, Qingdao, Shanghai, Kaohsiung, Melbourne, Sydney
Cosco's profit margin dropped in P&L but rise in the cashflow during 21Q4. Much of the expenses were booked into payables, leading to extraordinary fall in working capital relative to its peers.
CMA CGM and COSCO will revise its joint service on the trade between Brazil, the Caribbeans and the US Gulf Coast with the new Brazil Express (BZX) service that will deploy 9 ships of 3,000 teu to 3,600 teu on a 63 day round trip. CMA CGM will deploy 8 of the 9 ships in this new service that is scheduled to start from 22 February from Navegantes with the 3,091 teu CMA CGM PARANAGUA. The revised service will call at Navegantes, Paranagua, Santos, Rio de Janeiro/Salvador (alternative calls), Cart
COSCO, Evergreen and X-Press Feeders will enhance their jointly operated Mexico Central America X-Press (MCX)/Latin America Express (LAE) service rotation effective mid-January 2022. 3 additional ports (Lazaro Cardenas, Puerto Quetzal, Corinto) are added, with the new rotation calling at Lazaro Cardenas, Manzanillo, Puerto Quetzal, Ajacutla, Corinto, San Lorenzo, Puerto Quetzal, Lazaro Cardenas. The service will continue to deploy 3 ships of 1,500-1,800 teu, with each carrier contribution one