Taiwanese liners reported their June revenue, which in aggregate were up 32% MoM and 78% YoY. On quarterly basis, these liners' top line were up 20% or $1b QoQ to over $6bn in aggregate. The last time these liners together earned over $6bn in revenue were back in 4Q 2022. The combined EBIT for these 3 liners were just $800mn in 1Q 2024. The $1bn QoQ jump in revenue, driven mainly by the spot freight rates uptick, may have doubled these liners' EBIT in our estimates.
EMC, the Taiwan listed shipping arm of the Evergreen Group, released the week before its monthly revenue for May, which was up 1% MoM and 34% YoY. There was no dip in revenue despite of the spot freight rate correction between February and April. Last week, Yang Ming and Wan Hai reported stronger MoM increase in their monthly revenue in May than Evergreen. These monthly revenue levels in May were better than any single month in 2023 and comparable to the level at end of 2022 or 2020. Further up
Evergreen, IAL, Jinjiang Shipping. PIL, RCL will jointly launch a new China-India service calling at Shanghai, Ningbo, Nansha, Singapore, Chennai, Visakhapatnam, Port Klang, Singapore, Shanghai from 30 May 2024. The service will replace the existing service operated by IAL, Jinjiang, PIL and RCL that is branded as the China-Saigon-India / China Vietnam India / RCL Far East Madras 2 (CSI / CVI / RFM2). The revised service will omit the existing southbound and northbound calls at Ho Chi Minh Cit
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
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/SA5 by CMA CGM, COSCO, OOCL, Evergreen, PIL and Yang Ming respectively will call at Xingang, Qingdao, Shanghai, Ningbo, Shekou, Singapore, Rio de Janeiro, Santos, Paranagua, Itapoa, Navegantes, Santos, Colombo, Singapo
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
Evergreen will launch a new North China-Indonesia (NCI) service calling at Xingang, Dalian, Qingdao, Gunsan, Ningbo, Nansha, Ho Chi Minh City, Tanjung Pelepas, Jakarta, Surabaya, Manila (S), Batangas, Hakata, Xingang. The NCI service will start from 29 March 2024 at Nansha with the 1,904 teu EVER CHART. It will turn in 5 weeks using 5 ships of 1,900-2,600 teu to cover 7 different countries in the North Asia to Southeast Asia corridor.
Monthly revenue for Taiwanese liners went up 20% or $278mn MoM in aggregate in January 2024 as the rally in freight rates started to show. To put the increase in revenue in context, these three liners together made $201mn EBIT during 3Q 2023. Their 4Q earnings are not out yet but their 4Q revenue were down about $202mn QoQ comparing to 3Q 2023. Meanwhile, CCFI composite index went up 36% MoM in January and 22% MTD 9 Feb. Further upside to the liners revenue likely to come in February. Liners' r
Evergreen Marine Corp. (EMC), the Taiwan listed arm of the Evergreen Group, has acquired 100% of the shres of Italia Marittima on 31 January 2024 for €405 million. Italia Marittima's assets include 5 containerships with a total capacity of 22,728 teu comprising of 3 Evergreen U-class ships of 5,652 teu built in 2000-2001 (ITAL USODIMARE, ITAL UNICA, ITAL UNIVERSO) and 2 Evergreen B-type ships of 2,886 teu built in 2018 (ITAL BONNY and ITAL BONUS). The move marks the final move in the consolida
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