Liners are expected to announce robust 3Q earnings following the release of another set of impressive results: Evergreen's revenue for 3Q 2024 surged by 44% quarter-on-quarter and 106% year-on-year. Evergreen's revenue growth outperformed, though remained broadly in line with, the figures reported by OOIL the day prior. The majority of this revenue increase was attributed to rising freight rates. In a separate report, Evergreen disclosed that its shipment volume for July and August totaled 1.8 m
The FAX/IEA/EAX/REA/FAS service, currently operated by Emirates Shipping Line (ESL), Global Feeder Shipping (GFS), Interasia Lines (IAL), KMTC, Regional Container Lines (RCL) and TS Lines (TSL), with Evergreen joining the Asia-East Africa Service 2 (AEF2) as a vessel operator on the service that will be upgraded from October 2024 with a second loop added. The existing FAX/IEA/EAX/REA/FAS/AEF2 service calls at Qingdao, Shanghai, Ningbo, Nansha, Port Klang, Mombasa, Dar es Salaam, Port Klang, Qin
Evergreen and Yang Ming reported their August revenue after the market closed on 9 September with further gains of 1-4% MoM, outperforming the CCFI's 2% MoM drop. More importantly, the combined revenue for July and August has already exceeded the total revenue for the full quarter of 2Q 2024, with carriers still on track to record strong 3Q earnings despite the recent freight rate corrections.
Container carriers’ total revenue rose by more than 100% in July compared to a year ago, with the 3 main publicly listed Taiwanese carriers providing a glimpse of the bumper earnings that carriers are projected to earn in the 3rd quarter. Evergreen Marine, Yang Ming and Wan Hai’s July revenue figures increased by 132%, 122% and 144% respectively YoY, mirroring the average CCFI increase of 142% over the same period. Despite the recent spot freight rate correction with the SCFI dropping by 12.9%
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